Alwasail Industrial profit falls 16% to SAR 14.3 mln in H1 2021

Logo of Alwasail Industrial Co.

Alwasail Industrial Co. reported a 16% profit decline to SAR 14.3 million in H1 2021, compared to SAR 17.1 million in the year-earlier period.

The profit drop was driven by lower revenue and higher cost of revenue, despite a slump in general and administrative expenses (G&As), cost of finance as well as Zakat and tax.

The company generated earnings of SAR 27.7 million for 2020, compared to SAR 21.6 million in the year before, as shown below:

Qualified investors started, on Dec. 26, subscription to 2.5 million shares of Alwasail Industrial on the Nomu Parallel Market, with an initial public offering (IPO) price range set between SAR 16-19 per share. The subscription period ends today, Dec. 30.  

On. Nov. 3, the Capital Market Authority (CMA) approved the company’s request to offer 2.5 million shares, representing 10% of its capital, on Nomu, Argaam reported.