According to the company’s results for the Saudi market (Tadawul) today, last year’s profits reached 304.59 million riyals, compared to 2018’s profits of 508.81 million riyals.
The company attributed the lower profits to lower real estate sales.
She said in a statement to the Stock Exchange that the increase in operating expenses and lower income from associates has been offset by higher rental income and lower financing charges, in addition to the increase in other non-operating income accrued from Murabaha. Islamic which has had a positive impact on net profit.
The company recorded revenues of 3.49 billion riyals in the past year, compared to 6.41 billion riyals in 2018, a decrease of 45.5%.
