Riyadh – Mubasher: Al Ahsa Development Company reported a 93.515% decline in net profits after zakat and tax to SAR 726,292 in 2019 from SAR 11.200 million in 2018.

The decrease in net profits is driven by higher general and administrative expenses, losses in associate companies, and lower cash dividends from investments, according to the company’s financial results for 2019 disclosed to the Saudi Stock Exchange (Tadawul) on Monday.

Meanwhile, the company’s sales rose by 8.797% to SAR 245.504 million last year from SAR 225.653 million in 2018.

The losses per share stood at SAR 0.03 in 2019, versus earnings per share (EPS) of SAR 0.15.

It is noteworthy to mention that during the third quarter of 2019, the company’s net profits after zakat and tax increased by 24% to SAR 3.13 million from SAR 2.52 million in the same quarter of 2018.