According to the company’s results for the Saudi market (Tadawul) today, last year’s profits reached 1.18 million riyals, compared to 2018’s profits of 35.28 million riyals.
The company said in a statement to the stock exchange that the decrease in profits during the comparison periods is due to the lower average selling prices of final products and lower quantities sold, despite the decrease in the cost of raw materials due to lower quantities Sold.
The decrease in profits in 2019 was also attributed to the increase in selling and marketing expenses due to the increase in the quantities sold of other products.
The company pointed out in the statement to the decrease in general and administrative expenses as a result of adjusting the calculation of the end of service account and the decrease of financial expenses as a result of the repayment of some loans.
On the other hand, Nama said that investment income from Yassab company returns increased in the past year, as well as other net revenues increased as a result of compensation received and scrap sales and the decrease in the zakat provision. Compared to the same period in the previous year.
