Al Abdullatif widens net losses to SAR 24.8 mln in 2020

25/03/2021 Argaam Exclusive

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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.

Financials (M)

Item	2019	2020	Change‬
Revenues	600.51	466.09	(22.4 %)
Gross Income	41.04	30.30	(26.2 %)
Operating Income	3.60	(6.61)	(283.7 %)
Net Income	(11.67)	(24.83)	(112.7 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.14)	(0.31)	(112.7 %)

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.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	124.91	148.33	18.7 %
Gross Income	(6.36)	30.33	577.1 %
Operating Income	(16.69)	16.67	199.9 %
Net Income	(21.38)	8.05	137.7 %
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.26)	0.10	137.7 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	102.56	148.33	44.6 %
Gross Income	(2.09)	30.33	1551.4 %
Operating Income	(10.22)	16.67	263.1 %
Net Income	(12.12)	8.05	166.4 %
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.15)	0.10	166.4 %

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