Financial Results : Al Abdullatif swings to SAR 20.8 mln loss in H1 2020

Al Abdullatif swings to SAR 20.8 mln loss in H1 2020

23/08/2020 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. reported a net loss after Zakat and tax of SAR 20.8 million for the first half of 2020, compared to a net profit of SAR 7.5 million a year earlier.

 

The losses were attributed to a sharp decrease in sales, a fall in profit margins on products due to strong competition in local and foreign markets, investment losses and an increase in the cost of sales.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 341.75 215.21 (37.0 %)
Gross Income 35.22 2.05 (94.2 %)
Operating Income 15.94 (13.07) (182.0 %)
Net Income 7.51 (20.76) (376.6 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 0.09 (0.26) (376.6 %)

The company reported a net loss after Zakat and tax of SAR 13 million in Q2 2020 from a net profit of SAR 4 million due to a drop in sales on lower product demand and higher cost of sales.

 

On a quarterly basis, Q2 2020 losses widened, driven by a slump in sales and an increase in the cost of sales.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 172.90 81.86 (52.7 %)
Gross Income 18.79 (3.53) (118.8 %)
Operating Income 8.83 (10.98) (224.3 %)
Net Income 4.12 (13.03) (415.9 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 0.05 (0.16) (415.9 %)

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