Saudi Chemical Company reports SAR115mn net profit in FY18
Saudi Chemical company announced its FY18 financial results, showing net profit of SAR115mn (vs. net profit of SAR142mn in FY17, -19.2% Y-o-Y). Gross profit came in at SAR410mn (vs. gross profit of 396mn in FY17, +3.6% Y-o-Y), while operating profit was stated at SAR184mn (vs. operating profit of SAR188mn in FY17, -1.9% Y-o-Y). Revenues came in at SAR2.949bn, which represent a 19% Y-o-Y increase. The company highlighted that the decrease in Y-o-Y net profit was due to the decrease in the sales of explosives, which have a higher profit margin, despite the growth in pharmaceutical sales, which have a lower profit margin.
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