Saudi Chemical to launch trial production at Aja Pharmaceuticals this year

Saudi Chemical Co, which imports and distributes medicine, said its affiliate Aja Pharmaceuticals is expected to start trial production at its SAR 230 million plant in Ha’l, according to a report by the company.

The company added that its dispute with Mawarid trading company was still before the Board of Grievances.

The company’s affiliate, Saudi International Trading Co. (SITCO Pharma), hired on March 17, 2013 a law firm to represent it before the Board of Grievances against Mawarid on a dispute over due money. The company ruled that it would restore its funds from Mawarid, according to the company’s 2014 report.

Saudi Chemical Co. started designing a new explosives factory in Jumoom and almost completed a mining facility, it added.

The explosives sector represents 18 percent of the sales, but 53 percent of the net income.

Profit dropped 6 percent to SAR 283.6 million, or SAR 4.48 a share in 2014 compared to the previous year on higher administrative costs and capital gains made in 2013