The profits of Al-Qassim Investment Holding Company decreased by 92% to reach 711 thousand riyals in the first quarter of 2020, compared to 9.4 million riyals in the same period in 2019.
According to Arabia Net, the company said that the reason for the decrease in profits during the current quarter compared to the same quarter of the previous year is due to recording revenues as a result of the change in the fair value of investments during The corresponding quarter unlike the current quarter, in addition to an increase in administrative expenses and an increase in the Zakat provision made during the current period compared to the same period in the previous year.
While the company attributed the reason for achieving profits during the current quarter compared to the previous quarter to record a loss of impairment in the value of investment properties and the establishment of a provision for judicial settlements during the previous quarter unlike the current quarter .
The company also said that the shareholders ’equity (there are no minority rights) at the end of the period amounted to 295.89 million riyals, compared to 319.22 million riyals as at the end of the same period of the previous year , A decrease of 7.31%.
