Company reported a decline in quarterly net profit by around 59.9%, as shown by its interim financial results for the three-month period that ended on 31 December 2019.

A net profit after zakat and tax of SAR 110.6 million was achieved for the October-December 2019 period, compared with SAR 275.8 million for the same quarter in 2018, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

This resulted from a surge in finance costs by 95.2%, equivalent to SAR 71.8 million, due to a one-time write-off of transaction costs amounting to SAR 63.5 million following the completion of the refinancing transaction in November 2019.

Another reason was reversing a zakat provision of SAR 75.1 million. Moreover, the company’s financial statements showed that interest expense on lease liabilities increased to SAR 31.1 million.

Meanwhile, profits for the nine-month period the ended by the end of last year, showed a marginal decrease by 0.53% in net profit to SAR 545.8 million, compared with SAR 548.7 million for the same period for the previous year.


Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.