Al Kathiri Holding Co. reported a net profit of SAR 2.3 million for the first half of 2020, a 69.2% year-on-year decline.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 44.00 | 40.81 | (7.3 %) |
| Gross Income | 13.41 | 9.42 | (29.7 %) |
| Operating Income | 8.52 | 3.35 | (60.7 %) |
| Net Income | 7.58 | 2.34 | (69.2 %) |
| Average Shares | 213.84 | 213.84 | - |
| EPS (Halala) | 3.55 | 1.09 | (69.2 %) |
The decline in net profit was attributed to lower revenues, as a result of the suspension of ready-mix concrete activity, due to the precautionary measures taken by the government during the COVID-19 pandemic.
In addition, the high operating costs incurred by the company as a result of the precautionary measures contributed to lower net profit.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 17.90 | 15.24 | (14.9 %) |
| Gross Income | 5.62 | 1.94 | (65.4 %) |
| Operating Income | 3.14 | (0.71) | (122.6 %) |
| Net Income | 3.01 | (1.29) | (143.0 %) |
| Average Shares | 213.84 | 213.84 | - |
| EPS (Halala) | 1.41 | (0.60) | (143.0 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 25.57 | 15.24 | (40.4 %) |
| Gross Income | 7.48 | 1.94 | (74.0 %) |
| Operating Income | 4.06 | (0.71) | (117.5 %) |
| Net Income | 3.63 | (1.29) | (135.6 %) |
| Average Shares | 213.84 | 213.84 | - |
| EPS (Halala) | 1.70 | (0.60) | (135.6 %) |
Al Kathiri reported a net loss of SAR 1.3 million in Q2 2020 compared to a net profit of SAR 3 million in Q2 2019 on lower revenues and higher operating costs.
When compared to previous quarter, the company turned to losses in Q2 due to lower revenues on the suspension of ready-mix concrete activity and high operating costs.
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