The financial statements of Arabian Centers Company showed a decline of 32.6% in the company's profits for the three months ending on June 30, 2020, compared to the results of the same period last year.
According to the company's results for the Saudi market (Tadawul) today, Tuesday, the profits for the period amounted to 153.1 million riyals, compared to the profits for the same period in 2019 of 227 million riyals.
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The company said in a statement to the Stock Exchange that the decrease in profits during the comparison periods is due to a decrease in revenues of 16.9%, equivalent to 96.7 million riyals.
and she explained that the decrease in revenues was due to the company's decision to grant all tenants a waiver of contractual rents and service fees for a period of six weeks (45 days) starting from March 16, 2020, in addition to the support The activities most affected by the Coronavirus pandemic, such as recreational activities and shops, which have been compulsorily closed under government directives.
The company has also extended the granting of these additional discounts in order to support tenants in facing the negative impact of the repercussions of the Corona pandemic.
It is worth noting that the total reductions offered to tenants as a result of this crisis are expected to reach 320 million riyals, which will be recorded over the period of the lease contracts, noting that 81.0 have been recorded. One million riyals during the last quarter of the fiscal year 2020, in addition to recording 63.2 million riyals during the first quarter of the fiscal year 2021.
The decline in revenues during the current quarter also reflects the restriction of operational activities within the company's commercial centers during the period due to the crisis of the spread of the Coronavirus as part of government efforts in the Kingdom to contain the spread of the virus. < / p>
(Amazon Fun Knowledge)
