The financial statements of the National Gas and Industrialization Company showed a decline in the profits of the company in the first half of this year by 57.9% on an annual basis.
According to the company's results for the Saudi market (Tadawul), profits for the period amounted to 42.7 million riyals, compared to profits of 101.31 million riyals for the first half of last year.
the company said that the decline in profits during the comparison periods is due to the decrease in revenues from investments, as a result of the exceptional distributions obtained by the company by one of the invested companies (Al Watania Company) For industrial gases) in the first quarter of 2019, where the company's share of those distributions was about 81 million riyals.
in addition to the increase in selling and marketing expenses of 9 million riyals, and general and administrative expenses of 16.2 million riyals, due to the high depreciation expenses resulting from the capitalization of a number of projects in addition to the rise In the provision for doubtful debts and the effect of suspicion of embezzlement.
The company achieved profits of 13.26 million riyals in the second quarter of this year, compared to a profit of 8.14 million riyals for the same period of 2019, with an increase in profits by 62.9% .
(Amazon Fun Knowledge)
