According to the company’s results for the Saudi market (Tadawul) today, last year’s profits reached 28.52 million riyals, compared to 2018’s profits of 36.93 million riyals.
The company said in the statement that the decline in profits during the comparison years is due to the decrease in revenues due to the decrease in the company's share of the profits of the associate companies, the rise in general and administrative expenses, the increase in financing costs, and the write-off of dividends Earnings due from a company’s investment.
The total shareholders ’equity (there are no minority rights) as at the end of the current year amounted to 799.32 million riyals compared to 786.90 million riyals as at the end of the previous year, with an increase of capacity of 1.58 %.
As of January 1, 2019, the company has implemented IFRS 16 without any material impact on the financial statements.
