Saudi Chemical Drops Most in Four Months After Profit Declines

Saudi Chemical Co. (SCCO) slumped the most in more than four months after the trader and manufacturer of pharmaceutical products said second-quarter profit fell 12 percent.

The shares tumbled 6.2 percent, the most since March 2, to 44.1 riyals at 11:08 a.m. in Riyadh.

Net income for the quarter dropped to 76 million riyals ($20 million) from 86 million riyals a year ago as costs and wages rose.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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