According to a company statement seen by (Namazon site), the net profit attributable to the shareholders of the company in the past year was 64.8 million riyals, compared to a profit of 48 million riyals for the year 2018.
The main reason for the increase in net profits is due to the growth in the gross profit, the improvement of the company's share of the profits of the sister companies, in addition to the decline in losses of lower investment value in the sister companies, and a decrease in the provision Islamic Zakat for the year 2019.
The company's revenues in 2019 increased 6.9% to reach 176.1 million riyals compared to 164.7 million riyals for the fiscal year 2018. This rise was supported by sector activity Retail and offices; during the year 2019, the company initiated the expansion of the business of these two sectors by acquiring the Salama Office Tower and inaugurating the Al Marwa Mall. This has made up for the declining revenue from the hospitality sector.
On the other hand, total profits increased by 9.3% to reach 102.4 million riyals, compared to 93.7 million riyals in 2018, mainly due to To the growth in revenue achieved by the retail and office sectors.
The operating profit of the company also increased 12.6% to reach 104.2 million riyals, compared to 92.6 million riyals in the fiscal year 2018, due to the improvement in the company's share Of the profits of the sister companies and achieving growth in other income.
