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Saudi Chemical quarterly profits soar 30%

Saudi Chemical quarterly profits soar 30%
Revenue amounted to SAR 858.72 million in Q2
CHEMICAL
2230
76.77% 7.00 3.04

Riyadh – Mubasher: Saudi Chemical Company reported on Sunday net profits of SAR 40.17 million for the second quarter (Q2) of 2020, a surge of 30% when compared to SAR 30.89 million in the corresponding period in 2019.

The hike in the interim earnings was supported by higher sales, coupled with a drop in the provision of trade receivables and a slump in general and administrative expenses, and financing costs, according to a stock exchange statement.

Revenue stood at SAR 858.72 million in Q2-20, up 10.66% from SAR 775.99 million in Q2-19.