Al-Baha Investment and Development Co. cut net losses after zakat and tax by 98 percent year-on-year (YoY) to SAR 210,644 in the first nine months of 2019.
The losses narrowed as the company incurred last year SAR 16.85 million in zakat expenses for the period from 2000 to 2010.
Q3 net profit after zakat and tax dropped 44.5 percent YoY to SAR 211,683, due to the zakat expenses incurred at SAR 188,112 in the current quarter.
On a sequential basis, Q3 net profit jumped 17.8 percent, thanks to revenue growth.
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