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26-03-20
Saudi Chemical Co. reports net profit after Zakat, tax of SAR 32.9 million
(MENAFN) A net income of SAR 32.9 million for the financial year 2019 was reported Saudi Chemical Co. after Zakat and tax of SAR 32.9 million which is a decrease of 71 percent yearly.
The decrease came as the civil explosives producer suspended the capitalization of 2 production lines costs at its lower, AJA Pharmaceutical Industries Co. Ltd.
The rise in financing costs coming from getting additional bank facilities, higher selling, general and administrative expenses and provisions for doubtful debts and zakat also weighed on the yearly figures.
In the fourth quarter of 2019, Saudi Chemical Co. experienced a net loss of SAR 50.7 million, against a net income of SAR 17 million in a year before.
MENAFN2603202000450000ID1099916361
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