According to ArabiaNet, the company's financial data showed that the company's revenue increased by 3.9% to 1.9 billion riyals.
The company attributed the increase in net profits to the positive impact of the increase in operating profits resulting from higher sales in the pharmaceutical, energy and iron sectors, a decrease in the provision for the value of financial assets in the pharmaceutical, energy and iron sectors, and a decrease in general and administrative expenses in the pharmaceutical, energy, iron and specialty chemicals sectors.
The company explained that the excess of zakat provisions had a positive impact on the results of the company's business.
She explained that there was a negative impact due to the increase in other expenses, which increased as a result of the repayment of a subsidiary company in Sudan in the pharmaceutical sector loans granted to it by its parent company in the Kingdom of Saudi Arabia, which resulted in losses in the foreign exchange reserve account.
On the other hand, there was a positive impact of re-evaluation of the company's investment and loans to the Iron Development Company at a fair value according to the international financial reporting standards compared to the book values, which are linked to the amendment of the conditions of the Development Company for Iron Industry, according to the company statement.
The company stated, in a separate statement, that its board of directors recommended not to distribute dividends to shareholders for the past year, due to the maintenance of the company's solvency.
