The Saudi real estate company turned to losses in the third quarter of this year after recording a net loss after zakat and tax amounted to 8 million riyals, in return for profits of 9 million riyals in the quarter The third of last year.
According to Arabiya Net, the company clarified that the reason for achieving a net loss in the third quarter is due to the formation of provisions for a decrease in the value of financial assets of 7.5 million, and a provision for a decrease in capital work. With a value of 6.7 million riyals and 4 million riyals, it is classified within the administrative expenses.
and on a quarterly basis, the company's losses rose by about 70.2%, compared to the losses of the previous quarter, which amounted to 4.7 million riyals.
The company's results revealed in the first nine months of 2020, achieving net losses of about 15.6 million riyals against net profits of 49 million riyals for the same period in 2019. p>
Al-Aqaria incurred a net loss of 4.7 million riyals in the second quarter of 2020, compared to a net profit of 21.5 million riyals during the same quarter of 2019.
