Riyadh – Mubasher: Al Hammadi Company for Development and Investment (Al Hammadi) posted its initial financial results for the second quarter of 2019.

Net profits after zakat and tax inched up 0.4% to SAR 20.01 million in Q2-19, compared to SAR 19.9 million in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Sunday.

“Despite the increase in revenues for the current quarter, the net profit for the current quarter of SR 20.01 million remained close to the net profit of SAR 19.93 million for the same quarter last year due to the increase in operating expenses of Nuzha Hospital, provision for credit loss for account receivables and finance costs in addition to the increase of subsidiary company expenses for the current quarter,” the statement highlighted.

Total revenues increased by 18.3% to SAR 253.83 million by the end of June, from SAR 214.49 million in the same period of the prior year.

For the first half of 2019, net profits of Al Hammadi decreased by 13% to SAR 44.18 million, versus SAR 50.81 million in H1-18.

Revenues of the Saudi firm levelled up by 16.4% to SAR 483.51 million during the six-month period between January and June, against SAR 415.16 million in the same period a year earlier.

Profit per share decreased to SAR 0.37 during the first six months of 2019, from SAR 0.42 in the corresponding period last year.