Riyadh – Mubasher: Saudi Chemical Co on Thursday reported a 51.49% year-on-year drop in its net profits after calculating Zakat and Tax during the end of the third quarter of 2018, recording SAR 13.51 million ($ 3.60 million), compared to SAR 27.85 million ($7.42 million).

Revenues increased by 22.9% to SAR 630.81 million in Q3-18, compared to SAR 513.16 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).

Saudi Chemical’s total profits inched up 0.69% to SAR 84.18 million from July to September 2018, versus SAR 83.6 million in the corresponding period a year earlier.

Year-on-year, operational profits tumbled 24.3% to SAR 28.04 million during the three-month period ended September, compared to SAR 37.06 million in the year before.

Quarter-on-quarter, profits levelled down 51.4% in Q3-18 , from SAR 27.82 million.

During the first nine months of 2018, Saudi Chemical Co’s net profits after calculating Zakat and Tax fell 12.4% to SAR 97.75 million, from SAR 111.58 million in the same month during 2017.

Sales jumped 16.5% to SAR 2.08 billion in the nine-month period ended September, compared to SAR 1.78 billion.

From January to September this year, total profits grew 1.4% to SAR 299.3 million, against SAR 295.09 million, while operating profits slid 3.7% year-on-year, reaching SAR 138.09 million, compared to SAR 143.45 million.

Saudi Chemical Co’s stock rose 2.52% to end Wednesday's trading session at SAR 32.50.