Riyadh – Mubasher: Zahrat Al Waha for Trading Company’s net profits for the third quarter (Q3) of 2020 plunged by 51.9% yearly to stand at SAR 7.2 million.

The decline in profits is owed to lower sales by 31% due to a 14% drop in demand volume as a result of the coronavirus pandemic, according to a bourse statement on Thursday. 

Moreover, selling and distribution expenses as well as general and administrative expenses slumped, whereas the Zakat provision increased by 87.73%.

Revenues for the three-month period ending 30 September 2020 totalled SAR 101.5 million, a drop of 30.93% when compared to SAR 147 million in the year-ago period.

Over the first nine months of the year, the company gained SAR 26.73 million in profits, down 21.9% annually.