The top recorded for profit convergence in the first quarter of 2021, achieved a net quarterly profit over 1.6 billion riyals, against losses of SR 1.27 billion in the same period last year.
According to Arab Net, the company said in a statement. The reason for the rise in net profit in the current quarter compared to the previous quarter is mainly due to higher production prices and continuing to adjust the cost level and recognize SR 1.05 billion as a result of restructuring funding facilities.
The forefront declared losses of SR24.5 million in the last quarter of 2020.
The company's revenues in the first quarter of 2021 rose 80 percent to 4.4 billion riyals, compared to 2.4 billion riyals in the same quarter.
Saudi Aramco announced in March that they concluded agreements relating to priority debt restructuring for a leading chemical company and amending some of the terms of commercial arrangements for a top company, regarding the purchase of footage and marketing materials for their final products.
Aramco and Dow Chemical (Dow) agreed to provide a guarantee of 3.7 billion dollars from the total number of priority debt amounts, commensurate with their ownership in a formed chemical company, which is much less compared to the guarantees previously submitted by 10 billion Dollars, which have been disclosed time is complete in November 2020.
The provisions of restructuring include privileges such as granting a grace period under which the origin of religion is not submitted until June 15, 2026, and extended the final maturity date for all facilities from 2029 to 2038.
On the other hand, a leading service company announced that its mother's company, a formed chemical company, has resumed operations for the mixed crisis unit, on April 11.
The company said in a statement on the Saudi market site trading, that this comes after successfully completed the unintended repair work, which began on 16 March 2021.
