The financial statements of Al-Ahsa Development Company showed a decline in the company's profits in the past year by 93.5% on an annual basis.
According to the results of the company for the Saudi market (Tadawul) yesterday, last year’s profits amounted to 726.29 thousand riyals, compared to the profits of 2018 of 11.2 million riyals.
The company said in a statement to the stock exchange that the decline in profits is due to the increase in general and administrative expenses, recognition of losses from associate companies, and low dividend distributions from the companies invested in. >
Notwithstanding the increase in sales, the decrease in the cost of revenue as a ratio to sales, and the decrease in the Zakat expense.
During the year 2019, the remaining profits of the company amounted to 4.5 million riyals, compared to profits of 5.3 million riyals during 2018.
