Riyadh – Mubasher: Al Baha Investment and Development Company’s net profits for the third quarter (Q3) of 2020 fell by around 16% year-on-year (YoY) to SAR 177,820.

This fall was attributed to a slump in revenues and an increase in Zakat expense despite the drop in general and administrative expenses by 6% during the quarter, according to a bourse filing on Tuesday.

Revenues for the quarter ended on 30 September 2020 reached SAR 2.6 million, a yearly drop of 7.9%.

During the first nine months of the year, the company turned to profits of SAR 1 million, against losses of SAR 210,644 in the same period in 2019.