Riyadh – Mubasher: Zahrat Al Waha for Trading Company on Tuesday reported a 26% year-on-year decrease in profits during the full-year 2018.

Zahrat Al Waha for Trading’s net profits after calculating Zakat and Tax reached SAR 34.66 million ($9.24 million) from January to December 2018, down from SAR 46.89 million ($12.50 million) during 2017, according to a bourse statement.

The firm attributed 2018 profit drop to a rise in costs of purchasing raw materials.

The company’s net profits skyrocketed 2806% to SAR 13 million by the end of the fourth quarter of 2018, from SAR 450,000 in Q4-17, according to data compiled by Mubasher.

Zahrat Al Waha’s shares were listed on Tadawul on 17 September 2017 under the symbol 3007, with a 10% fluctuation rate under the materials sector.

By 10:55 am Saudi time, Zahrat Al Waha for Trading Company’s stock inched down 0.24% to SAR 42.40.