According to the results of the company for the Saudi market (Tadawul) today, Sunday, the loss for the period amounted to 19.54 million riyals, compared to the losses for the first quarter of last year amounting to 35.18 million riyals. p>
The company said that the decrease in losses during the comparison periods is due to the fact that the company's management has worked to sell quantities of inventory at appropriate promotional price levels.
The administration also focused on intense efforts to collect amounts from receivables due from ongoing or discontinued clients to deal with the company, which led to its avoidance of creating additional provisions for slow moving or counterparty stocks. Expected credit losses IFRS 9, respectively.
All of this led to an increase in gross profit and a decrease in operating losses substantially despite the decrease in sales due to the decrease in demand in the markets.
The company also modified the method of calculating depreciation from the straight-line method to the method of production units of machinery and equipment as this is fair to calculate the depreciation of these assets, which positively impacted the results Operating of the company.
