Riyadh – Mubasher: Saudi Chemical achieved a net profit of SAR 52.48 million ($13.9 million) in Q1-16, a 39% drop from SAR 86.22 million ($22.99 million) recorded in the same period last year.
The chemicals firm on Tuesday attributed its profit decline to lower sales and increased expenses from one of the company’s subsidiaries as the plant is still in the pre-operational stage.
In addition, a rise in financing costs and Zakat provisions contributed to the profit fall, according to a bourse filing.
