Al-Khodari widens FY2018 net loss to SAR 1.59 bln

12/01/2021 Argaam Exclusive

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Abdullah A. M. Al-Khodari Sons Co. widened its net loss after Zakat and tax to SAR 1.59 billion in the fiscal year 2018, compared to SAR 56.4 million a year ago.

Financials (M)

Item	2017	2018	Change‬
Revenues	519.47	164.69	(68.3 %)
Gross Income	(7.24)	(1363.35)	(18,728.2 %)
Operating Income	(45.66)	(1394.40)	(2,953.8 %)
Net Income	(56.41)	(1593.05)	(2,723.9 %)
Average Shares	55.78	55.78	-
EPS (Riyals)	(1.01)	(28.56)	(2,723.9 %)

The company attributed the increase in loss to 68.3% decline in revenue, mainly due to no contribution from the construction sector during the year.

The firm also cited higher gross loss, lower other income by 32%, increased finance charges by 20.7%, and additional impairment loss for trade receivables of SAR 135.3 million, for the rise in loss.

This was partially offset by lower selling and marketing costs by 32.7%, general and administrative expenses by 17.4%, and Zakat expenses by 77.8%.

Accumulated losses came in at SAR 1.8 billion, or 328.58% of the company’s total capital, in FY2018.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2017	Q4 2018	Change‬
Revenues	86.29	-	-
Gross Income	20.92	(1326.81)	(6441.4 %)
Operating Income	11.49	(1335.50)	(11728.2 %)
Net Income	(19.22)	(1569.00)	(8,062.5 %)
Average Shares	55.78	55.78	-
EPS (Riyals)	(0.34)	(28.13)	(8,062.5 %)

Item	Q3 2018	Q4 2018	Change‬
Revenues	62.17	-	-
Gross Income	(14.99)	(1326.81)	(8,748.9 %)
Operating Income	(21.51)	(1335.50)	(6,109.3 %)
Net Income	(25.96)	(1569.00)	(5,943.2 %)
Average Shares	55.78	55.78	-
EPS (Riyals)	(0.47)	(28.13)	(5,943.2 %)

The company’s Q4 2018 net loss after Zakat and tax widened to SAR 1.56 billion compared to SAR 19.2 million in Q4 2017.

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