Financial Results : AlAbdullatif turns to losses of SAR 7.7 mln in Q1 2020

AlAbdullatif turns to losses of SAR 7.7 mln in Q1 2020

20/05/2020 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. (AlAbdullatif) swung to a net loss after Zakat and tax of SAR 7.7 million for the first quarter of 2020, compared to a net profit of SAR 3.4 million for the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 168.85 133.35 (21.0 %)
Gross Income 16.43 5.59 (66.0 %)
Operating Income 7.11 (2.09) (129.3 %)
Net Income 3.38 (7.73) (328.6 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 0.04 (0.10) (328.6 %)

The company attributed the losses to lower sales volumes, higher cost of sales and investment losses in shares at fair value.

 

When compared to the previous quarter, the company narrowed losses in Q1 due to lower selling expenses, decrease in Zakat provision and financing expenses, in addition to calculating fair value investment losses and actuarial losses at the end of the previous quarter.

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