According to the results of the company for the Saudi market (Tadawul) today, Thursday, the profits for the period amounted to 50.57 million riyals, compared to the profits for the first quarter of last year amounting to 31.29 million riyals. p>
The company said in a statement to the stock exchange that the increase in profits during the comparison periods is due to a decrease in general and administrative expenses and a decrease in the company's share in the losses of the companies invested in the method of equity. >
As well as making a profit as a result of selling the entire company’s stake in one of the subsidiaries classified as available for sale in the previous year 2019.
The company also made a profit from receiving compensation for the land that was expropriated in Al-Madinah Al-Munawwarah during the year 2014 in favor of the project of expansion of the Custodian of the Two Holy Mosques to the Holy Prophet’s Mosque.
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The company's achievement of a quarterly profit jump came in spite of the decline in revenues by 10.1% to reach 85 million riyals, compared to 94.53 million riyals in the first quarter of 2019.
