The company’s results in the Saudi market showed today, Wednesday, that profits during the period amounted to about 114.7 million riyals, compared to profits of 151.4 million riyals for the first quarter of 2018.
Sipchem achieved revenue of 1.12 billion riyals in the first quarter of this year, compared with 1.17 billion riyals for the same period in 2018, a decrease of 4.2%.
The company said in a statement to the stock exchange that the decline in quarterly profits is due to the decrease in revenues due to the decrease in the selling prices of most of the company's products, which is partially offset by the increase in sales quantities during the first quarter.
She explained that the net profit was negatively affected by an increase in the item of other expenses, as a result of the proposed merger expenses, which include the merger integration planning expenses.
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