Al Abdullatif widens net losses to SAR 24.8 mln in 2020

Al Abdullatif Industrial Investment Co. widened net losses after Zakat and tax to SAR 24.8 million for 2020, from SAR 11.7 million a year earlier.

The company attributed the loss increase to a sharp decrease in sales amid lower demand for products, as well as higher general and administrative expenses and Zakat provision.

Moreover, the full-year financial results were hurt by a decline in profits from evaluating investments at fair value, and a rise in the cost of the produced quantities, as the company incurred operating expenses for the partial utilization of its available production capacity.

The company turned to a net profit after Zakat and tax of SAR 8 million in Q4 2020, against a net loss of SAR 21.38 million in the year-ago period.

Total shareholders’ equity, excluding minority interest, declined by 1.49% to SAR 1.131 billion by the end of 2020, from SAR 1.148 billion a year earlier.