Al Abdullatif losses jump 176% to SR12 mln in 1Q

Al Abdullatif Industrial Investment Co. announced that its losses after zakat and tax rose 176.5% to SR 12.1 million in the first quarter of 2022 compared to 4.4 million during the same period of 2021.

This came after Al Abdullatif announcement on Monday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational loss reached SR 7.72 million in the 1^st quarter of the current year from operational profit at SR 2.8 million in the same period of the previous year.

Al Abdullatif’s gross profits declined 69.7% to SR 2.9 million in the first quarter of this year from SR 9.6 million a year ago, while the loss per share soared to SR 0.15 from SR 0.05.

The reasons for the decrease in the gross profit during the current quarter compared to the same quarter of the previous year, as well as the realization of operating losses and the increase in net loss and comprehensive income loss, are due to the increase in the cost of materials used in production and the decrease in the profit margin for sales as well as the increase in operating and selling expenses and a decrease in other revenues.

The reasons for realizing gross profit and decreasing operating losses, net loss and comprehensive income loss during the current quarter compared to the previous quarter are due to the increase in sales and other income, the decrease in the cost of sales attributed to sales, investment profits realized through profits and losses and the decrease in the Zakat provision component.

Additional Information:

1 – There are no minority rights in the financial statements.