Taiba Investment Company turned to losses after recording net losses of 23.48 million riyals in the third quarter of 2020, compared to profits of 67.85 million riyals in the same quarter of 2019 .
According to Arabiya Net, the company returned its transfer to losses; Due to the decrease in revenues due to the Corona-Covid-19 pandemic, in addition to the formation of an additional provision to meet the expected credit losses of receivables, as the decrease in revenues was followed by a decrease in operational costs and selling and marketing expenses.
The company's revenues decreased 55.4% in the third quarter of this year to 61.39 million riyals, compared to 137.53 million riyals in the same quarter of last year.
Good profits declined by 27.95% during the first 9 months of 2020 to 106.91 million riyals after zakat and tax, compared to 148.38 million riyals in the same period of 2019. < / p>
and revenues during that period amounted to 177.81 million riyals, compared to 340.35 million riyals in the same period last year, down 47.8%.
