The Saudi "Al-Samani" board of directors approves the move to the main market

The Board of Directors of Al-Samaani Factory for Metal Industries has agreed to move to the main market.

According to Arabiya Net, the company said in a statement that the company’s management notes that the move to the main market is subject to market approval and is subject to fulfilling all requirements imposed by the market.

The financial statements of Al-Samaani Factory for Metal Industries revealed its profitability transition during the six months ending June 30, 2020.

The company said, in a statement to the Tadawul website, that it achieved a net profit of 1.2 million riyals against losses of 622 thousand riyals in the corresponding period of the year 2019.

The company achieved operating profits of 1.3 million riyals against operating losses of 719 thousand riyals during the corresponding period of last year.

the company said that achieving profits during the first half of 2020 is due to an increase in sales for the current period by 12% compared to the same period, and the percentage of operating costs as a percentage of sales decreased by 70%. % For the current period compared to 77% for the same period, which led to an increase in profit margins as a result of increased operating efficiency and lower government labor costs as a result of government decisions regarding industrial establishments.

Also, selling, marketing, general and administrative expenses for the first half of 2020 decreased compared to the corresponding period.

Sales rose to 21.1 million riyals during the first quarter, compared to a total sales of 18.8 million riyals during the first half of the previous year.

It should be noted that the company achieved net losses amounting to 1.9 million riyals during the year 2019, compared to profits of 459 thousand riyals in the year 2018.

and the company attributed its losses during the year 2019 to the decrease in selling prices as a result of the intensity of competition despite the increase in sales quantities compared to the year 2018, as the current year sales increased by 6.3% from Previous year.

(Amazon fun knowledge)