The financial statements of the Food Development Business Company showed the company turning a loss at the end of the first quarter of this year compared to the same period in 2019.
According to the results of the company for the Saudi market (Tadawul) today, the losses for the period amounted to 3.93 million riyals, compared to the profits for the first quarter of last year amounting to 1.46 million riyals. p>
The company said in a statement to the Stock Exchange that the negative shift in the results during the comparison periods is due to a 15% decrease in sales with increased rents and consumption expenses.
The company was also affected by the decisions issued by government agencies regarding the outbreak of the emerging corona virus (Covid 19).
The company's sales volume in the first quarter of this year amounted to 26.26 million riyals, compared to 30.76 million riyals for the same period in 2019, a decrease of 14.6%.
