Shares of Saudi Chemical decline after profits drop 32% in H1

RIYADH: Shares of Saudi Chemical Co. dropped 0.65 percent at the closing bell of Sunday, after its first-half profit declined 32 percent to SR47 million ($13 million), from SR68 million in the prior-year period, a bourse filing showed.

The chemical producer attributed the profits decline to a 6 percent decrease in gross profit during the first six months of 2022 to SR241 million.

The increase in finance costs combined with losses from interest rate hedging and foreign currency revaluations also contributed to decline.