According to the results of the company for the Saudi market (Tadawul) today, last year’s losses amounted to 138.81 million riyals, compared to losses in 2018 of 139.83 million riyals.
The company said in a statement to the stock exchange that the decrease in marginal loss during the comparison years is due to the increase in profits in associates, the increase in other income, the decrease in the provision for expected credit losses for financial assets, Reduced losses from discontinued operations.
However, the effect of the above has been offset by a decrease in the gross profit margin in the iron and air conditioning sectors that resulted from the increase in input costs, in addition to the increasing pressure on selling prices. Due to intense competition.
The decline in annual losses was also offset by an increase in financing costs and an increase in tax.
