According to Arab, the company's revenues fell by 80 percent to SAR 176 million, for SR 885 million in 2019.
The rise in net loss is due to the net loss in 2020, according to the company's statement on the Saudi market site trading, the company's revenues are negatively affected by the Corona virus, precautionary measures and preventive measures taken from Saudi Arabia to control and reduce the risk of spreading.
In addition, decrease in other operational revenues, which is due to the loss incurred in the fair value of investment through the statement of income compared to earnings last year, increasing enrollment of expected credit losses, as well as increased zakat.
The statement noted that the negative results were decrease in public and administrative and financial expenses, and low financial burdens, as a result of exemption from fellowship due on March 10, 2020 to 1 November 2020 because of the negative effects of the Corona epidemic.
