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Saudi Chemical profits down 71% in 2019

Saudi Chemical profits down 71% in 2019
Net profit reached SAR 32.88 million in 2019
CHEMICAL
2230
-1.00% 3.96 -0.04

Riyadh – Mubasher: Saudi Chemical Company reported a 71.37% decline in last year’s net profit, as shown by its annual financial results for 2019.

Net profit after zakat and tax amounted to SAR 32.88 million in 2019, down from SAR 114.82 million in 2020.

The company attributed the decline in net profit to stopping the capitalization of the costs of two production lines at one of its subsidiaries, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The two production lines at the plant of AJA Pharmaceutical Industries Company were closed due to commencing the commercial production and increase in the marketing, sales, general, and administrative expenses.

In addition, an increase in financing costs resulted from obtaining additional bank facilities, as well as an increase in the provisions for doubtful debts and zakat.