Saudi Chemical’s H1 profit edges up on higher sales
Saudi Chemical reported a net profit of SAR 84.24 million in the first half of 2018, up 0.61 percent year-on-year (YoY) amid higher sales as a result of an increase in pharmaceutical sales.
Net profit declined 2.5 percent to SAR 27.82 million in the second quarter, mainly due to a decline in sales of explosives, which have higher profit margins, as well as an increase in financial charges.
On a sequential basis, net income halved from SAR 56.42 million the previous quarter on account of lower sales due to the stoppage in production of explosives during Ramadan and Eid Al-Fitr. The company also cited higher operating expenses and financial charges.