According to the company’s results for the Saudi market (Tadawul), last year’s losses amounted to 26.83 million riyals, compared to 2018’s losses of 168.66 million riyals.
The company said in a statement to the stock exchange that the decline in annual losses in the past year is due to an improvement in the gross profit margin, which amounted to 13.2 million riyals in 2019, compared to a total loss margin of ( 2.1) Million riyals in 2018.
The company also attributed the improved results during the comparison years to the improvement in the financial performance of the associate (Global Pipes) compared to 2018, where the company's share in the net profit of the associate reached 8.9 One million riyals in 2019, compared to a net loss of (0.2) million riyals in 2018.
The company also noted the decrease in selling, marketing and distribution expenses which amounted to 14.1 million riyals in the past year, compared to 17 million riyals in 2018.
In addition, the company recorded a free cash flow of 43 million riyals in 2019, compared to a negative free cash flow of 38 million riyals in 2018. < / p>
As a result of this monetary performance, the company reduced net debt by 40 million riyals last year, from 288 million riyals in 2018 to 248 million riyals in 2019. p>
