RIYADH: Saudi Chemical Co. saw its profit drop by 20 percent in the first three months of 2022 due to a fall in sales.
The Saudi-listed firm’s profits plunged to SR32.71 million ($8 million) in the first quarter from SR40.83 million for the same quarter last year, according to bourse filings.
The company said the decrease in net profit is primarily due to a decrease in pharma sector sales combined with a dip in other revenues.
The chemical producer's annual revenue stood at SR904 million, compared to SR969 million for the same period last year.
