The National Glass Industries Company Zoujaj achieved a shift in profits after zakat and tax, about 2.1 million riyals during the year 2020, compared to losses of about 31.3 million riyals in the year 2019. p>
Zoujaj said in a statement to the Saudi Stock Exchange Tadawul today, Sunday, that achieving a net profit is due to the reversal of an investment loss provision of 10.7 million riyals related to an associate company - the Saudi National Lighting and Electricity Company Ltd. Previous.
She also indicated that a non-recurring loan amounting to 20.4 million riyals was written off in the previous year related to the Saudi National Company for Lighting and Electricity and Lighting Associate, and this led to improved results in 2020.
According to Al Arabiya.net's calculations, the company turned to achieving a net profit in the fourth quarter of 2020 about 7.3 million riyals, compared to a net loss of about 27.9 million riyals in the same quarter of 2019.
It is noteworthy that Zoujaj recorded losses amounting to 5.1 million riyals during the first nine months of the year 2020 compared to 3.3 million riyals during the same period last year, with a growth rate of 54.54%.
