Oasis Rose profits fell 52% in the third quarter

Zahrat Al Waha Trading Company witnessed a 51.94% decline in profits for the third quarter of 2020 to reach 7.2 million riyals, compared to 14.97 million riyals for the third quarter of last year.

According to Arabiya Net, the company explained in a statement that the reason for the decrease in net profit is due to the decrease in sales by 31%, which came as a result of the decrease in the volume of demand and the impact of the virus pandemic The new corona, in addition to the increase in zakat provision of 87.73%, is affected by the increase in the Zakat base.

and pointed out that the decline in net profits is also due to the decrease in selling and marketing expenses and general and administrative expenses by less than the percentage of the decrease in sales.

The company's profits in the second quarter fell to 6.6 million riyals, compared to 10.1 million riyals, in the second quarter of 2019, a decrease of 34.7%.

and compared to the profits of the previous quarter, the company's profits decreased by 48.7%, to 12.9 million riyals.

The value of operating profits in the second quarter was 10.3 million riyals, compared to 18 million riyals, in the corresponding period last year, down 18.6%.

The value of profits in the first six months of 2020 was about 19.5 million riyals, compared to 19.2 million riyals, in the corresponding period of 2019, an increase of 1.3%.

The company said that the decline in first-quarter profits compared to the corresponding period of last year is due to the decrease in sales, affected by the decrease in the price of the raw material, which is the main element in the value of sales, as The average price of the raw material decreased during the current quarter, compared to the average price during the same quarter of the previous year, due to the decrease in oil prices due to the new Corona virus (COVID-19) pandemic.