Saudi Chemical’s Q1 profit hurt by SAR 1.9 bln in receivables

Saudi Chemical Co.’s (SCC) first quarter net profit of SAR 52.5 million was hurt by a 41 percent year-on-year (YoY) increase in net receivables to SAR 1.94 billion, the company’s financial statements showed.

Receivables have risen by over 20 percent since Q1-2015, with about 70 percent, or SAR 1.17 billion of receivables, due from the Saudi government by the end of 2015, compared to 68 percent in 2014.

Last month, SCC said its Q1-2016 net profit fell 39 percent YoY to SAR 52.5 million.