National Industrial Company losses decreased by 94%, calling 76.5 million riyals in the first quarter of 2020, compared to losses of 1.28 billion riyals in the first quarter of 2019.
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The losses decreased by 83.6%, compared to the losses incurred in the previous quarter, which was 466.6 million riyals.
According to Arabia Net, manufacturing achieved operating profit of 94 million riyals in the first quarter of 2020, compared to 118.9 million riyals in the first quarter of 2019, with a decline 20.8%.
The company stated that the decrease in net loss is mainly due to the non-monetary loss resulting from the revaluation of the discontinued operations from the activity of Crystal Company held for the purpose of selling during the first quarter of In 2019, its impact on the results of the unified manufacturing company reached 1.45 billion riyals. (As shown in the audited consolidated financial statements for the year 2019 announced on Tadawul website), despite the decrease in the average selling prices for all products and the decrease in demand for some products as a result of the outbreak of the Corona virus (Covid-19), as well as the decrease in the company's share in the profits of associates and projects Joint and lower other revenue and increase in general and administrative expenses, knowing that there is a decrease in financing costs, zakat provision and income tax.
She stated that the non-monetary effect resulting from the purchase price accounting adjustments related to the investment in Tronix was completed and recorded retroactively during the twelve-month period from the date of the deal (10 April 2019), in line with International Accounting Standards for Financial Reporting.
