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Al Abdullatif Industrial swings to losses in Q1-20

Al Abdullatif Industrial swings to losses in Q1-20
Revenues amounted to SAR 133.3 million in Q1-20
ALABDULLATIF
2340
-1.33% 10.36 -0.14

Riyadh – Mubasher: Al Abdullatif Industrial Investment Company has incurred losses of SAR 7.73 million in the first quarter (Q1) of 2020, against profits worth SAR 3.38 million in the same period a year earlier, as shown in the company’s interim financial statements.

Revenues fell by 21% on an annual basis, standing at SAR 133.3 million, compared with SAR 168.85 million, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Wednesday.

The drop in the company’s gross profit, operating profit, net profit, and comprehensive profit for the quarter as compared to the year-ago period was caused by lower sales, higher sales costs attributable to sales, and higher investment losses in shares at fair value (FV).

Quarter on quarter (QoQ), the losses shrank by 64% when compared to the previous quarter where they totalled SAR 21.4 million.