AlAbdullatif Industrial Investment Co. said the government’s precautionary measures to contain the spread of the COVID-19 outbreak will have a negative impact on the revenues of the company and its subsidiaries, due to reducing staff numbers.
Meanwhile, it is currently difficult to estimate the financial impact of these precautionary measures, given the inability to determine how long they will be in place, AlAbdullatif added in a bourse statement.
The company is working on assessing the expected impact on its financial statements. It also formed a crisis management committee to follow up on the Saudi government’s directives on the COVID-19 pandemic.
Any developments will be disclosed in due course, the statement noted.
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