‎“Al Abdul Latif” records losses of 20 million during Q1, an ‎increase of 65%‎

Al-Abdul Latif Industrial Investment Company recorded losses after zakat and tax of 20 million riyals during the first quarter, compared to losses of 12 million riyals in the same quarter of last year, an increase of 65%. This came after the announcement today of the preliminary financial results for the period ending in 2023-03. 31 (three months).

The operational loss amounted to 12 million riyals in the first quarter, compared to a loss of 8 million riyals in the same quarter of the previous year, an increase of 54%.

As for the total loss, it amounted to 5 million riyals in the first quarter, compared to a profit of 3 million riyals in the same quarter of the previous year.

The loss per share in the current period amounted to 0.25 riyals, compared to a loss of 0.15 riyals in the same period last year.

The reasons for realizing total losses and an increase in operating losses, net loss and losses in comprehensive income during the current quarter compared to the same quarter of the previous year are due to the decrease in sales and the increase in the cost of sales attributed to sales in addition to the increase in financing cost and the decrease in investment income.

The reasons for the decrease in total loss, operating losses, net loss and losses in comprehensive income during this quarter compared to the previous quarter are due to the decrease in the cost of materials attributed to sales, the decrease in selling and administrative expenses, and the decrease in the component of the zakat provision.

The company said that some of the comparative figures have been reclassified to conform to the classification of the figures for the current period.

Additional information:

There are no minority rights in the financial statements.

The accumulated losses as at the end of this quarter amounted to 47.28 million riyals, or 5.82% of the capital.