Financial Results : Al Abdullatif swings to SAR 32.9 mln loss in 9M 2020

Al Abdullatif swings to SAR 32.9 mln loss in 9M 2020

04/11/2020 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. posted a net loss after Zakat and tax of SAR 32.9 million for the first nine months of 2020, against a net profit after Zakat and tax of SAR 9.7 million in the same period last year.  

 

The company attributed the loss to a sharp decrease in sales amid lower demand for products, as well as the higher cost of sales and increased Zakat provision. 



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 475.59 317.77 (33.2 %)
Gross Income 47.40 (0.04) (100.1 %)
Operating Income 20.29 (23.29) (214.8 %)
Net Income 9.71 (32.88) (438.8 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 0.12 (0.40) (438.8 %)

The company reported a net loss after Zakat and tax of SAR 12.12 million in Q3 2020, compared to a net profit of SAR 2.20 million a year earlier, due to the decline in sales on weak demand for products. 

 

On a quarterly basis, Q3 2020 losses narrowed on higher sales and a relative decrease in the cost of goods sold. 

 

Total shareholders’ equity, excluding minority interest, declined by 4.9% to SAR 1.11 billion by the end of September, from SAR 1.17 billion a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 133.85 102.56 (23.4 %)
Gross Income 12.18 (2.09) (117.2 %)
Operating Income 4.35 (10.22) (334.9 %)
Net Income 2.20 (12.12) (650.8 %)
Average Shares 81.25 81.25 -
EPS (Riyals) 0.03 (0.15) (650.8 %)

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