‎“Al AbdulLatif” records losses of SR58 mln during 2022, an ‎increase of 21%‎

Al Abdul Latif Industrial Investment Co. recorded losses after zakat and tax of 58 million riyals during the year 2022 AD, compared to losses of 48 million riyals in 2021 AD, an increase of 21%. This came after today’s announcement of the annual financial results ending on 12-31-2022.

The operational loss amounted to 33 million riyals during the year ending in 2022, compared to losses of 20 million riyals in the previous year, an increase of 61%.

As for gross profit, it amounted to 7 million riyals in the current year, compared to 19 million riyals in the previous year, a decline of 60%.

The loss per share in the current year amounted to 0.71 riyals, compared to losses of 0.59 riyals in the previous year.

The reasons for the decrease in the gross profit from the business and the increase in each of the operating losses and net loss for the current year compared to the previous year are due to the increase in the cost of materials, the increase in operating expenses, the increase in the cost of sales relative to sales, as well as the increase in financing costs and the decrease in miscellaneous income.

Profits in the comprehensive income are also due to the profits of land revaluation

The accumulated losses amounted to 27.28 million Saudi riyals, or 3.36% of the capital, as of December 31, 2022.

The company said that some comparative numbers have been reclassified to conform to the classification of the current year’s numbers, indicating that there are no minority rights in the financial statements.