Al Abdullatif Industrial Investment Co. posted a net loss after Zakat and tax of SAR 32.9 million for the first nine months of 2020, against a net profit after Zakat and tax of SAR 9.7 million in the same period last year.
The company attributed the loss to a sharp decrease in sales amid lower demand for products, as well as the higher cost of sales and increased Zakat provision.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 475.59 | 317.77 | (33.2 %) |
| Gross Income | 47.40 | (0.04) | (100.1 %) |
| Operating Income | 20.29 | (23.29) | (214.8 %) |
| Net Income | 9.71 | (32.88) | (438.8 %) |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | 0.12 | (0.40) | (438.8 %) |
The company reported a net loss after Zakat and tax of SAR 12.12 million in Q3 2020, compared to a net profit of SAR 2.20 million a year earlier, due to the decline in sales on weak demand for products.
On a quarterly basis, Q3 2020 losses narrowed on higher sales and a relative decrease in the cost of goods sold.
Total shareholders’ equity, excluding minority interest, declined by 4.9% to SAR 1.11 billion by the end of September, from SAR 1.17 billion a year earlier.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 133.85 | 102.56 | (23.4 %) |
| Gross Income | 12.18 | (2.09) | (117.2 %) |
| Operating Income | 4.35 | (10.22) | (334.9 %) |
| Net Income | 2.20 | (12.12) | (650.8 %) |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | 0.03 | (0.15) | (650.8 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 81.86 | 102.56 | 25.3 % |
| Gross Income | (3.53) | (2.09) | 40.8 % |
| Operating Income | (10.98) | (10.22) | 6.9 % |
| Net Income | (13.03) | (12.12) | 6.9 % |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | (0.16) | (0.15) | 6.9 % |
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