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Saudi Chemical Drops Most in Four Months After Profit Declines

July 12 (Bloomberg) -- Saudi Chemical Co. 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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