According to the company’s results for the Saudi market (Tadawul) yesterday, last year’s profits amounted to 463 million riyals, compared to the 2018 profits of 195 million riyals.
The company said in a statement to the stock exchange that the increase in profits is due to an increase in sales revenue of 46.4%, and an increase in the amount of sales 16.8% compared to 2018.
The profit growth was attributed to the decrease in financing costs in 2019 by 9.8% compared to the same period in 2018, due to the decrease in the principal.
The company explained that the year 2019 also witnessed a decrease of the zakat provision 3.9% compared to 2018, due to the adequacy of the provision.
The total shareholders ’equity (there are no minority rights) during the past year reached 3,306 million riyals compared to 3,164 million riyals in 2018, an increase of 4.5%, and the increase is due Profit growth.
