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.
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