On a quarterly basis, profits increased by 37.9%.
The preliminary results of the Saudi Chemical Holding Company, “Chemical”, showed a decline in net profits by 1.34% during the first quarter of 2023 to 32.27 million riyals after zakat and tax, compared to 32.71 million riyals in the same period of 2022.
On a quarterly basis, the profits of the “chemical” company after zakat and tax increased by 37.9% in the first quarter, compared to profits of 23.4 million riyals in the fourth quarter of 2022.
The company said in a statement on “Tadawul Saudi Arabia”, today, Sunday, that the reason for the decrease in net profit for the current quarter, on an annual basis, is due to the increase in financing costs, the provision for zakat, and the losses of revaluation of derivative financial instruments to cover the risks associated with commission rates, despite the increase in profit from operations. Due to higher sales as well as lower foreign exchange losses.
Regarding the reasons for the increase in profits on a quarterly basis, the “chemical” said that it is mainly due to the increase in profit from operating operations and the decrease in foreign currency losses despite the increase in financing costs and losses from the revaluation of derivative financial instruments to cover the risks associated with commission rates.
2023-05-14 05:19:00
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