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Zahrat Al Waha Q2-20 profits contract 35%

Zahrat Al Waha Q2-20 profits contract 35%
Revenues fell by 18.58% annually in Q2
1.02% 59.60 0.60

Riyadh – Mubasher: Zahrat Al Waha Trading Company’s net earnings shrank by 34.7% on an annual basis over the second quarter (Q2) of 2020 to stand at SAR 6.62 million, compared to SAR 10.14 million logged in the corresponding quarter in 2019.

Revenues came in at SAR 108.615 million in the period ended 30 June 2020, a decrease of 18.58% when compared to SAR 133.414 million in Q2-19, according to a bourse disclosure on Sunday.

The Tadawul-listed firm ascribed the fall in Q2-20 profits to the decline in sales as a result of lower average prices of the raw material, which is the main factor constituting the sales value. This is attributed to the collapse in oil prices due to the COVID-19 pandemic.