Saudi Chemical’s Q1 profit boosted by pharmaceutical revenue, says GM

14/05/2017 Argaam

Saudi Chemical Co.’s (SCC) Q1 net profit was boosted by a 30 percent year-on-year (YoY) jump in revenue from the pharmaceutical and medical equipment segment, the company’s general manager Mohammad Al-Badr told CNBC Arabia on Sunday.

 

Revenue will grow further going forward, due to higher pharmaceutical sales across the kingdom, he added.

 

Saudi Chemical reported a 7 percent increase YoY in Q1 net profit to SAR 55.2 million.

 

The company has attracted new clients by expanding its distribution services and enhancing quality in the kingdom, Al-Badr said, noting that current market share in the Saudi pharmaceuticals sector stands at 11 percent.

 

The chemical producer is looking to increase market share and is also in advanced talks for investments with global peers, which will likely boost revenue, he added.

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