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Al Khodari trims losses by 58% in Q3

Al Khodari trims losses by 58% in Q3
Net losses stood at SAR 22.88 million in Q3-17, compared to SAR 53.42 million in Q3-16, according to a bourse statement
Al Khodari
1330
-6.26% 5.39 -0.36

Riyadh – Mubasher: Abdullah Abdul Mohsen Al Khodari Sons Company (Al Khodari) on Tuesday stated its losses decreased by 57% in the third quarter of 2017, compared to the year-ago period.

Net losses stood at SAR 22.88 million in Q3-17, compared to SAR 53.42 million in Q3-16, according to a bourse filing.

Year-on-year, revenues retreated 41% to SAR 111.77 million, from SAR 190.16 million.

Quarter-on-quarter, losses dropped 8.6%.

The firm attributed the decline in its year-on-year net profits to the decrease of 52% in direct costs, followed by falling of administrative and general expenses with 33%, selling and marketing expenses with 37%, and Zakat expenses with 44%.

Net losses tumbled 39% to reach SAR 65.66 million in the first nine months of 2017, compared to SAR 108.46 million in the same period in the previous year.

At the level of the first nine months of 2017, revenues levelled down 48% to SAR 433.18 million, from SAR 834.97 million in the corresponding period in the year before.

Al Khodari's stock grew 2.27%, closing at SAR 9.46 on Tuesday.