Baazeem Trading’s profit falls 25% in Q2

Riyadh – Mubasher: Saudi Arabia-based Baazeem Trading Co on Sunday reported a 25.2% year-on-year decrease in net profits for the second quarter of 2018.

Baazeem’s net profits amounted to SAR 8.57 million during Q2-18, compared to SAR 11.45 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the Saudi firm's profits surged 32.5% in the period between April and June, from SAR 6.47 million.

The company attributed the second-quarter profit decline to a 14.58% drop in sales.

Sales levelled down 14.5% to SAR 81.36 million in Q2-18, compared to SAR 95.24 million during the year-ago period.

During the first six months of 2018, profits tumbled 15.6% to SAR 15.04 million, from SAR 17.81 million in H1-17.

Baazeem’s sales went down 11% to SAR 152.72 million during H1-18, compared to SAR 171.59 million in the same six months last year.

By 10:56 am Saudi time, Baazeem Trading Co’s stock rose 1.20% to SAR 25.50.

Mubasher Contribution Time: 02-Sep-2018 07:56 (GMT)
Mubasher Last Update Time: 02-Oct-2018 11:13 (GMT)