Riyadh – Mubasher: Alkhaleej Training and Education Company disclosed a 24% year-on-year fall in its net profits for the third quarter of 2019, recording SAR 13 million.

Similarly, revenues inched down by 1.5% to SAR 208.8 million in Q3-19, compared to SAR 212 million in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The company ascribed the drop in profits to the decrease in revenues in Q3-19, in addition to the increase in the cost of revenues and selling and marketing expenses also contributed towards lower profit over the quarter.

During the nine-month period between January and September, net profits of Alkhaleej Training grew by 21.5% year-on-year to SAR 16.87 million.

By the end of September, revenues of the Saudi-based firm reached SAR 624 million, 6.5% higher than SAR 585.9 million in the same period last year.

Profit per share stood at SAR 0.37 in nine months, compared to SAR 0.31 in the same period of 2018.