Riyadh – Mubasher: Saudi Chemical Company reported a decline in net profit for the first quarter (Q1) of 2020 by 3.38%, as shown by the company’s interim financial results for the three-month period ending 31 March.

Net profit after zakat and tax amounted to SAR 37.97 million in Q1-20, compared with SAR 39.3 million for the same period in the year before.

The decrease in net profit is due to lower sales and higher trade receivables provision, despite the decrease in cost of sales and the zakat and income tax expense, according to a statement to the Saudi Stock Exchange (Tadawul).

Profit per share decreased to SAR 0.45, down from SAR 0.47 in Q1-19.