The financial statements of the Mobile Communications Company (Zain Saudi Arabia) showed a decline in the company's profits in the first half of this year by 49.4% year on year.
According to the company's results for the Saudi market (Tadawul), today, Sunday, the profits for the period amounted to 83 million riyals, compared to the profits of the first half of 2020 of 164 million riyals.< /p>
Profits for the second quarter of this year amounted to about 42 million riyals, compared to 59 million riyals for the same period in 2020, a decrease of 28.8%.
The company said that it recorded a retained profit of 28 million riyals for the first time since inception, due to the net profit recorded during this quarter.
The decline in profits during the comparison periods is due to the rise in revenue costs by about 19%, at a value of 102 million riyals; Because of the impact of reversal of provisions in the second quarter of 2020.
Operating expenses also increased by 40 million riyals during this quarter compared to the same quarter of the previous year. This was partially absorbed through the decrease in the financing cost by 124 million riyals; Due to the decrease in the total debt, as a result of the restructuring of the company's capital.
