Astra posts more than twofold rise in H1 2020 profit to SAR 58.3 mln

Astra Industrial Group reported a net profit after Zakat and tax of SAR 58.3 million in the first half of 2020, a more than twofold increase, compared to SAR 24.6 million in the same period last year.

The earnings increase was driven by a decrease in financial charges in the specialty chemical, pharmaceuticals and power and steel sector, along with lower provision for impairment of financial assets due to non-recurring reversal in the power and steel sector.

Additionally, selling and distribution expenses declined mainly in the pharmaceutical sector despite gross profits dropping in pharmaceuticals, and power and steel sectors.

The company reported a net profit after Zakat and tax of SAR 24.2 million in Q2 2020, climbing 53.5% year-on-year (YoY), driven by a decline in selling and distribution expenses in the pharmaceuticals sector, a drop in finance charges in the specialty chemicals sector and lower Zakat expenses in the pharmaceuticals sector.

On a quarterly basis, Q2 earnings decreased 28.9% on a decline in sales in all sectors except specialty chemicals, as well as a drop in gross profit in all sectors except power and steel sector.