Riyadh – Mubasher: Al Baha Investment and Development Co registered a loss of nearly SAR 602,190 during the first quarter of 2019 against a profit of around SAR 747,900 in the same period last year.

The losses incurred in Q1-19 is attributed to an increase of SAR 776,000 in zakat, in addition to implementing the IFRS 16 of leasing contracts, Al Baha said in a recent bourse disclosure to the Saudi Stock Exchange (Tadawul).

Al Baha added that the accumulated losses stood at SAR 36.07 million by the end of the first quarter this year, representing 20.38% of the SAR 177 billion capital.