According to the results of the company for the Saudi market (Tadawul) today, Sunday, the losses for the first quarter of the next year amounted to 123.58 million riyals, compared to losses of 46.63 million riyals for the same period in the year 2018.
The company said in a statement to the stock exchange that the results of this quarter reflect the continuing losses attributable to the decrease in sales and the significant decrease in selling prices due to the intense competition that coincided with the high cost of production and that Because of the reduced use of production capacity.
It also attributed the increase in period losses to additional provisions in the amount of 28.5 million riyals for the expected credit loss in short-term accounts receivable, and additional provisions in the amount of 30.2 million riyals for long-term receivables. .
The additional retention discount that was collected amounted to 4.6 million riyals, and was also recorded in the first quarter of 2020, while the company recorded a loss of foreign currency translation of 23.2 Million riyals for the sale of investments in Egypt.
