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Al Abdullatif Industrial Investment switches to profitability in Q1-24

Al Abdullatif Industrial Investment switches to profitability in Q1-24
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ALABDULLATIF
2340
32.59% 19.04 4.68

Riyadh – Mubasher: Al Abdullatif Industrial Investment Company turned to a net profit of SAR 1.43 million in the first quarter (Q1) of 2024, versus a net loss of SAR 20 million.

Revenues grew 15.88% YoY to SAR 162.57 million in Q1-24 from SAR 140.28 million, according to the interim financial results.

The company reported earnings per share (EPS) of SAR 0.02 in the three-month period that ended on 31 March 2024, against a loss per share of  SAR 0.25 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company swung to profitability in Q1-24 from SAR 10.73 million in Q4-23, while the revenues leapt by 15.19% from SAR 141.12 million.

Al Abdullatif Industrial Investment incurred 29.24% YoY higher net losses to SAR 74.79 million in 2023 from SAR 57.87 million.