Al Abdullatif Industrial Investment Co. widened net losses after Zakat and tax to SAR 24.8 million for 2020, from SAR 11.7 million a year earlier.
The company attributed the loss increase to a sharp decrease in sales amid lower demand for products, as well as higher general and administrative expenses and Zakat provision.
Moreover, the full-year financial results were hurt by a decline in profits from evaluating investments at fair value, and a rise in the cost of the produced quantities, as the company incurred operating expenses for the partial utilization of its available production capacity.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 600.51 | 466.09 | (22.4 %) |
| Gross Income | 41.04 | 30.30 | (26.2 %) |
| Operating Income | 3.60 | (6.61) | (283.7 %) |
| Net Income | (11.67) | (24.83) | (112.7 %) |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | (0.14) | (0.31) | (112.7 %) |
The company turned to a net profit after Zakat and tax of SAR 8 million in Q4 2020, against a net loss of SAR 21.38 million in the year-ago period.
Total shareholders’ equity, excluding minority interest, declined by 1.49% to SAR 1.131 billion by the end of 2020, from SAR 1.148 billion a year earlier.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 124.91 | 148.33 | 18.7 % |
| Gross Income | (6.36) | 30.33 | 577.1 % |
| Operating Income | (16.69) | 16.67 | 199.9 % |
| Net Income | (21.38) | 8.05 | 137.7 % |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | (0.26) | 0.10 | 137.7 % |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 102.56 | 148.33 | 44.6 % |
| Gross Income | (2.09) | 30.33 | 1551.4 % |
| Operating Income | (10.22) | 16.67 | 263.1 % |
| Net Income | (12.12) | 8.05 | 166.4 % |
| Average Shares | 81.25 | 81.25 | - |
| EPS (Riyals) | (0.15) | 0.10 | 166.4 % |
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