Riyadh – Mubasher: Saudi Chemical Co on Thursday reported a 19.2% year-on-year profit decrease during the full-year 2018.

The firm’s profits amounted to SAR 114.82 million from January to December 2018, compared to SAR 142.15 million in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi chemical firm attributed the 2018 profit drop to a decline in sales of explosives, coupled with higher operating expenses and financing expenses.

The firm’s profits fell to SAR 17 million by the end of the fourth quarter of 2018, from SAR 30.57 million in Q4-17, according to data compiled by Mubasher.

By 10:24 am Saudi time, Saudi Chemical’s stock went down 1.18% to SAR 33.60.