Financial Results : Aseer net profit falls 96% in Q1 2020

Aseer net profit falls 96% in Q1 2020

07/05/2020 Argaam Exclusive

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Aseer Trading, Tourism and Manufacturing Co. (Aseer) posted net profit after Zakat and tax of SAR 200,000 for Q1 2020, a drop of 96% year-on-year (YoY) due to a decline in gross profit and operating income.

 

The company also cited higher general and administrative (G&A) expenses, and increase in income tax and Zakat expenses.

When compared to the previous quarter, the company reported a net profit in the first quarter 2020, driven by an increase in profit from investments, decline in G&A and Zakat expenses, and a fall in financing charges.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 471.87 406.21 (13.9 %)
Gross Income 135.36 121.17 (10.5 %)
Operating Income 29.65 12.92 (56.4 %)
Net Income 5.28 0.17 (96.9 %)
Average Shares 126.39 126.39 -
EPS (Riyals) 0.04 0.00 (96.9 %)

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