Al-Abdalat's investment losses recorded 112.8%, with about 24.8 million riyals in 2020, for about 11.7 million riyals in 2019.
According to Arab Net, the company said in a statement that the reasons for decreasing the total profits and operating profit and the increase in net loss and the loss of comprehensive income for the fiscal year 2020 compared to the previous year returns to the sharp decline in sales due to decline in demand, increasing public and administrative expenses, Profits and losses.
Al-Abdalat added that net profit further has also been influenced by increasing legitimate zakat, and increased conscious losses from re-measure employee benefits, as well as the rise in the cost of producing quantities due to the company's operating expenses and non-exploitation of the entire production capacity.
The company's sales fell 22.4% in 2020 to SAR 466.1 million, compared to SR 600.5 million in 2019.
The company reported that they were affected by the Corona Covide 19, which was negatively affected by the company's activities. Coordinate relationship with suppliers.
Al-Abdullatif said it had benefited from government initiatives and great support submitted by the Government of the Custodian of the Two Holy Mosques to companies.
