Al Ahsa Development Co. reported a net profit of SAR 15.9 million for the first quarter of 2020, compared to SAR 1.4 million in Q1 2019.
The company attributed higher profits recording gains from its acquisition of Al Salam Medical Services at a preferential price, lower Zakat charges, and higher revenues.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 57.62 | 63.33 | 9.9 % |
| Gross Income | 14.62 | 16.01 | 9.5 % |
| Operating Income | 0.40 | 0.16 | (59.0 %) |
| Net Income | 1.42 | 15.91 | 1020.4 % |
| Average Shares | 49.00 | 73.73 | 50.5 % |
| EPS (Riyals) | 0.03 | 0.22 | 644.6 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 69.00 | 63.33 | (8.2 %) |
| Gross Income | 24.10 | 16.01 | (33.6 %) |
| Operating Income | (6.56) | 0.16 | 102.5 % |
| Net Income | (6.88) | 15.91 | 331.1 % |
| Average Shares | 49.00 | 73.73 | 50.5 % |
| EPS (Riyals) | (0.14) | 0.22 | 253.6 % |
On a quarterly basis, the company turned to a profit, due to lower Zakat charges and decline in the share of losses from associates.
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