666 thousand riyals losses of "abundance" in the second quarter

Wafrah for Industry and Development recorded losses of 666 thousand riyals during the second quarter of 2020, compared to profits of 294 million riyals during the same quarter of last year.

According to Arabiya Net, the company said in a statement that the main reason for achieving a net loss during the current quarter compared to achieving net profits during the same quarter of the previous year is due to a decrease Sales increased by 28.77% and a provision was made for expected credit losses, despite the decrease in general and administrative expenses, the increase in sales of the meat factory and the breakfast cereal factory, and the increase in the item of other revenues.

and Wafrah for Industry and Development announced earlier that it had received a letter from some shareholders who own shares representing approximately 7.14% of the company's capital requesting the dismissal of board members The company.

The company said in a statement to the Saudi Stock Exchange Tadawul that these shareholders called for the election of new members from among the candidates for membership of the Board of Directors.

She added that the company’s board of directors has directed to take the necessary measures regarding the request in accordance with the relevant laws and regulations.

The company will take the necessary legal measures regarding the aforementioned requests, and any developments in this regard will be announced in due course.

In turn, financial analyst Abdullah Al-Rabdi said in an interview with Al-Arabiya that some investors are trying to be in a very active position to interfere in the board of directors, and this is a healthy area, through An attempt by a group of investors to change the course of companies, and such a move took place in about 4 companies in the Saudi stock market.

The company had said in a statement to the Saudi Stock Exchange, Tadawul, that the association did not agree to absolve the members of the Board of Directors from liability for the past year, but at the same time it approved the report The board for the past year, and the association also approved the company's financial statements for the year 2019.

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