According to the company’s results for the Saudi market (Tadawul) today, last year’s profits reached 6.13 million riyals, compared to 2018’s profits of 99.44 million riyals.
The company said in a statement to the stock exchange that the decline in profits is due to lower sales revenue due to lower average selling prices, an increase in selling and distribution expenses, and an increase in the fair value loss of derivative financial instruments. < / p>
However, the above effect has been partially offset by the increase in sales volumes, lower sales cost per ton, lower general and administrative expenses, and a lower impairment loss Financial assets, financing costs, and zakat expenses, as well as an increase in other income.
As of January 1, 2019, MEPCO and its subsidiaries adopted the International Financial Reporting Standard No. (16) Lease Contracts.
