Riyadh – Mubasher: Zahrat Al Waha for Trading Company reported a 28.4% annual drop in net profits during 2020 at SAR 40.6 million.

The lower profits were driven by a decline in sales due to a decrease in average selling prices by 17.52%, coupled with higher selling and distribution expenses, and Zakat provision expense by 5.82% and 82.2%, respectively, according to a bourse filing on Thursday.

Revenue for the last year reached SAR 424.9 million, a decrease of 18.3% when compared to SAR 519.8 million a year earlier.

In a separate statement, the Tadawul-listed company said its board recommended SAR 1 per share or SAR 15 million in cash dividends to shareholders for 2020.