Al Abdullatif CEO: H1 profit hurt by low sales, weak local demand

Al Abdullatif Industrial Investment Co.’s H1 2017 net profit was hurt by lower sales volume and weak demand in the local market, the company’s chief executive Abdullatif Al Abdullatif told Argaam.

A review of the rug manufacturer’s strategy and operating activities, however, led to cuts in selling, administrative and financing costs, which helped lift Q2 net profit.

The company has embarked on exporting carpet raw materials to several markets, including Russia, Al Abdullatif added.

Al Abdullatif’s H1 net profit dropped by 5 percent year-on-year (YoY) to SAR 26.1 million. The second-quarter net profit rose 8.5 percent YoY to SAR 13.7 million.