Saudi Arabia.. Al-Razi shares rose at the end of trading at 67.1 riyals

Al Razi Medical Company’s shares, listed and traded on the Saudi parallel market “Nomu,” rose by 0.30% at the end of trading on Sunday, trading at 67.10 riyals per share, its highest price in 18 months.

2.67 thousand shares of Al-Razi Company shares were traded, with a trading value of 175.04 thousand riyals.

The highest price of the share at that time was 67.10 riyals, while the lowest price was 64 riyals, touching its highest price since June 2023.

Al Razi Medical Company announced a significant decline in its net profits during the first half of 2024, as the decline rate reached 98.33% compared to the same period in 2023.

According to the company’s financial statements, net profit decreased to 10.13 thousand riyals in the first half of 2024, while profits reached 606.32 thousand riyals in the corresponding period of the previous year.

The company attributed this decline to several factors, including the implementation of sales discounts and promotions as a result of intense competition in the market, in addition to an increase in sales costs and selling and distribution expenses, as well as an increase in administrative and general expenses due to the opening of new branches that have not yet achieved the break-even point.

It is noteworthy that Al Razi Medical Company, known as Al Razi, is a public joint stock company listed on the parallel market “Nomu” since June 2023, and works in the field of pharmaceutical research and biotechnology, with a special focus on drug development and innovations in the field of biotechnology.