Saudi Chemical’s Q2 sales hit by Ramadan season: CEO

Saudi Chemical Co.’s sales of explosives fell in June due to a production and distribution halt during the Ramadan and Eid al-Fitr seasons, Chief Executive Mohammad Al Badr told Argaam.

The company’s Q2 net profit fell by 40 percent YoY to SAR 28.5 million, from SAR 47.4 million a year earlier.

In mid-June, ahead of Eid al-Fitr, medicine sales fell, he added.

“The company is currently negotiating with international companies to manufacture and distribute medicine and explosives. While some contracts were already signed, the company will announce details on the contracts that will have an impact on its financial results,” Al Badr said.

Additional brands of medicine are expected to be registered at the Saudi Food and Drug Authority (SFDA) during the second half of 2017, he said, adding that the new drugs will be produced by subsidiary AJA Pharma Company Limited (AJA Pharma).

Meanwhile, Saudi International Trading Company Ltd (SITCO Pharma) will be distributing new drugs to increase its sales volume, Al Badr added.