The Saudi company for the production of clay pipes recorded a 38% decline in its third quarter 2020 profits to reach 0.91 million riyals, compared to 1.47 million riyals in the corresponding period of last year.
According to Arabia Net, profits decreased by 68%, compared to the previous quarter's profits, which were 2.86 million riyals.
Al-Fakhariah stated that the reason for the decrease in net profit during the current quarter compared to the same quarter of the previous year is due to the high operating expenses.
During the first nine months of 2020, Al-Fukhariah achieved 9.17 million riyals, compared to 3.68 million riyals, in the corresponding period last year, with a growth of 149%. >
The company said that the nine-month profit increase is due to increased sales.
