Saudi Chemical's profit jumps 124% in 2020

The profit increase was ascribed to performance improvement and higher sales from the pharma and explosives sectors

  
Refining and petrochemical facilities of Rabigh Refining & Petrochemical Co. are seen near Jeddah November 12, 2007. Image for illustrative purposes. REUTERS/Ali Jarekji (SAUDI ARABIA)

Refining and petrochemical facilities of Rabigh Refining & Petrochemical Co. are seen near Jeddah November 12, 2007. Image for illustrative purposes. REUTERS/Ali Jarekji (SAUDI ARABIA)

REUTERS/Ali Jarekji
Riyadh – Mubasher: Saudi Chemical Company Holding (SCCH) recorded a 124.2% year-on-year (YoY) growth in net profit after Zakat and tax, logging SAR 74 million in 2020, compared to SAR 33 million in 2019.

The profit increase was ascribed to performance improvement and higher sales from the pharma and explosives sectors, the company said in a bourse disclosure on Sunday.

Moreover, the decrease in expected credit loss provision and finance cost also contributed to the profit growth.

Sales grew to SAR 3.306 billion last year, compared to SAR 2.949 billion in 2019.

During the first nine months of 2020, the company reported net profits of SAR 96.99 million, up from SAR 83.6 million in the corresponding period a year earlier.

Source: Mubasher

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