The “chemical” share is at its highest level since 2018 after rising second-quarter profits

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Mubasher – Thabet Shehata: The share of the Saudi Chemical Holding Company recorded a remarkable increase during today’s session, to jump to its highest level since 2018, coinciding with the company’s announcement of the second quarter results for 2020.

The stock rose 4.23% by 12:00 KSA time, coming fourth in the list of winning shares in the Saudi market, reaching the level of 27.10 riyals, which is the highest level for the stock since the session of 25 July 2018..

Today, Sunday, the Saudi Chemical Company announced a rise in net profits During the second quarter of 2020, about 30% to 40.17 million riyals compared to 30.89 million riyals for the second quarter of last year.

The company explained that the reason for the increase in net profit is due to an increase in sales and a decrease in the provision for declining trade receivables, general and administrative expenses and financing costs..

The total volume of trading on the share until these moments reached 2.15 million shares, valued at 58.2 million riyals, through 1.97 thousand transactions.

The general index for the Saudi market came in green, in the meantime, up by 0.33%, adding 25.4 points to its value, rising to the level of 7,729.65 points..

The company’s data revealed an increase in net profit during the first half of 2020, to 78.14 million riyals, compared to 70.19 million riyals during the same period in 2019, an increase of 11.3.%.

Saudi chemical profits fell about 3.4% during the first quarter From 2020, to 37.97 million riyals, compared to 39.3 million riyals for the first quarter of last year.

And the “chemical” revealed, last June, that it is It completed the Holding Company’s transformation project, which aims to maximize its benefits From integration between subsidiaries.

Nominations:

Chemical shareholders agree not to disburse cash dividends to shareholders for 2019

A subsidiary of “Chemical” begins construction of a military industries complex project



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