According to the results of the company for the Saudi market (Tadawul) today, the profits for the period reached 14.4 million riyals, compared to 17.3 million riyals for the second quarter of 2019.
>The company said in a statement to the stock exchange that the decline in profits during the comparison periods is due to lower sales for the oil and carrier sectors and the impact of sales due to the precautionary measures and the applied preventive measures undertaken by the competent authorities to reduce From the outbreak of the emerging corona virus (Covid 19).
The decline in quarterly profits was also attributed to lower fuel prices, unrealized losses from a re-evaluation of investment at fair value through profit and loss, increased general and administrative expenses and Zakat expenses, despite From increasing other revenues, increasing investment profits in the joint venture, and lowering marketing and financial expenses.
The company achieved profits in the first half of this year of 44.7 million riyals, compared to profits of 47.2 million riyals for the same period last year, a decrease of 5.3%. < / p>
The company’s revenues decreased by the end of the first half of 2020 by about 17.1% to reach 2.177 billion riyals, compared to 2.626 billion riyals for the same period last year.
(Fun Knowledge of Knowledge)
