Al Abdullatif Industrial Investment Co. announces its Annual Financial Results for the Period Ending on 2020-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 466.09 | 600.51 | -22.384 | ||
| Gross Profit (Loss) | 30.3 | 41.04 | -26.169 | ||
| Operational Profit (Loss) | 0.5 | 10.66 | -95.309 | ||
| Net Profit (Loss) after Zakat and Tax | -24.83 | -11.67 | 112.767 | ||
| Total Comprehensive Income | -17.12 | -14.76 | 15.989 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 1,131.71 | 1,148.83 | -1.49 | ||
| Profit (Loss) per Share | -0.31 | -0.14 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reasons for the decrease in gross profit and operating profit and the increase in net loss and the loss in comprehensive income for the fiscal year 2020 compared to the last year are due to:
1- The sharp decrease in sales due to the decline in demand. 2- Increasing general and administrative expenses. 3- Decrease in the profits of evaluating investments at fair value through profit and loss. 4- The increase in zakat provision. 5- The increase in actuarial losses from re-measuring employees benefits. 6- The increase in the cost of the produced quantities due to the company bearing operating expenses for not fully utilizing the available production capacity. Finally, we can say that the company has been affected by the repercussions of the Corona virus (Covid-19), which negatively affected the company's activities, as stopped at times or diminished at other times during the closing periods, and the company taking a number of necessary measures to reduce current and capital expenditures and manage debtors in a consistent manner. With the requirements of the period, inventory planning, updating procurement plans and coordinating the relationship with suppliers, the company has also benefited from government initiatives and the great support provided by the government of the Custodian of the Two Holy Mosques to the companies. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Certain figures for the prior period have been reclassified to conform with presentation in the current period |
| Additional Information | There are no minority rights in the financial statements |
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