Saudi chemical annual profits decline 71% to 32.9 million riyals

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Source: Dubai – Arabic.net

The Saudi Chemical Holding Company announced today, Thursday, the financial results for 2019, during which the company showed a net profit of 32.9 million riyals, a decline of 71.4% from 2018.

The company said in a statement to the Saudi Stock Exchange, Tadawul, that the reason for the decrease in net profit is due to stopping the capitalization of the costs of two production lines in one of the subsidiaries (AGA Factory for Pharmaceutical Industries) because it entered the production stage and increased selling, marketing and administrative expenses as well as financing costs depending on the company obtaining credit facilities Additional and increased provision for trade receivables and zakat.







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