Astra's net profit rises to SAR 34 mln in Q1 2020

Astra Industrial Group reported a net profit after Zakat and tax of SAR 34.1 million for the first quarter of 2020, more than three-fold increase year-on-year (YoY), compared to SAR 8.9 million in the same period a year earlier.

The firm attributed the surge to higher sales in pharmaceuticals and specialty chemicals sectors, lower financial charges, and non-recurring reversal of impairment provisions of financial assets in power and steel.

This was offset by an increase in other expenses in pharmaceuticals and specialty chemicals sectors as well as higher selling and marketing expenses.

When compared to the previous month, Q1 net profit rose by around 73.6% due to lower other expenses, loan settlement for a pharma subsidiary in Sudan, and higher sales of pharmaceuticals and specialty chemicals sectors despite the increase in Zakat and income tax.