Riyadh – Mubasher: Saudi Chemical’s net profit retreated 43.4% to SAR 20.23 million ($5.4 million) in the third quarter of 2016 from SAR 35.75 million ($9.53 million) in the same period of 2015.
The decrease in net profit was attributed to lower sales, added to higher expenses resulted mainly from one subsidiary and higher financial costs, according to a bourse filing on Wednesday.
The Saudi-listed pharmaceutical company’s profit fell 39.8% to SAR 120.4 million in the first nine months of 2016 from SAR 200 million in the year-ago period.
Total sales fell 9.13% to SAR 44.97 million in Q3-16 from SAR 489.68 million in the prior-year period.
