Fawaz Abdulaziz Alhokair & Co. incurred losses of 128.1 riyals in the third quarter of the current fiscal year, compared to 36.1 million riyals profits during the corresponding period of the previous year. p>
According to Arabiya Net, quoting the company, this is due to selling, general and administrative expenses, which rose by 7.3%, and for other gains that decreased by 82.1% during that period, Zakat and income tax expenditures, which increased by 176.5%, according to a statement by the Saudi Stock Exchange Tadawul.
This comes despite the increase in revenues by 4.6% during the third quarter, equivalent to 59.9 million riyals compared to the same period of the previous year. This is mainly due to the consolidation and growth of the company's business in the food and beverage sector, in addition to the continuous growth of sales of electronic platforms over the Internet during the same period.
During the nine-month period, the company incurred losses of 761.9 million riyals, compared to 234.3 million riyals profits during the corresponding period of the previous year.
The company's sales during the nine months amounted to 3.1 billion riyals, compared to 4.256 billion riyals for the same period of the previous year, a decline of 27%
The company said, in a statement to the Saudi Stock Exchange, Tadawul, that its accumulated losses amounted to 865.1298 million riyals, representing 41.2% of the company's capital.
