Al Abdullatif Industrial Investment Co. reported a net loss after Zakat and tax of SAR 20.8 million for the first half of 2020, compared to a net profit of SAR 7.5 million a year earlier.
The losses were attributed to a sharp decrease in sales, a fall in profit margins on products due to strong competition in local and foreign markets, investment losses and an increase in the cost of sales.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 341.75 | 215.21 | (37.0 %) |
| Gross Income | 35.22 | 2.05 | (94.2 %) |
| Operating Income | 15.94 | (13.07) | (182.0 %) |
| Net Income | 7.51 | (20.76) | (376.6 %) |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | 0.09 | (0.26) | (376.6 %) |
The company reported a net loss after Zakat and tax of SAR 13 million in Q2 2020 from a net profit of SAR 4 million due to a drop in sales on lower product demand and higher cost of sales.
On a quarterly basis, Q2 2020 losses widened, driven by a slump in sales and an increase in the cost of sales.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 172.90 | 81.86 | (52.7 %) |
| Gross Income | 18.79 | (3.53) | (118.8 %) |
| Operating Income | 8.83 | (10.98) | (224.3 %) |
| Net Income | 4.12 | (13.03) | (415.9 %) |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | 0.05 | (0.16) | (415.9 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 133.35 | 81.86 | (38.6 %) |
| Gross Income | 5.59 | (3.53) | (163.2 %) |
| Operating Income | (2.09) | (10.98) | (426.6 %) |
| Net Income | (7.73) | (13.03) | (68.6 %) |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | (0.10) | (0.16) | (68.6 %) |
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