Wafra for Industry and Development (Wafra) achieved a growth in net profit by 82%, to reach 1.17 million riyals in the first quarter 2020, compared to 639.97 thousand riyals during the same From last year.
According to ArabiaNet, the company said in a statement that the main reason for the increase in net profits during this quarter compared to the same quarter of the previous year is due to lower cost of sales and improved efficiency Operational and sales prices for some products, increase in sales of meat products, breakfast cereals and nuts, decrease in general and administrative expenses, increase in other revenues, despite a 15.90% decrease in sales and the formation of a provision to offset expected credit losses of 262.255 thousand riyals.
