AlMasafi recorded losses of 1.3 million riyals during Q2‎

AlMasafi Company recorded a net loss after zakat and tax of 1.3 million riyals during the second quarter, compared to a profit of 21 million riyals in the same quarter of last year. This came following today’s announcement of the preliminary financial results for the period ending June 30 (6 months).

The operational loss amounted to 1.4 million riyals in the second quarter, compared to a profit of 21.4 million riyals in the same quarter of the previous year.

The net loss after zakat and tax in the 6-month period amounted to 1.7 million riyals, compared to a profit of 20.3 million riyals in the same period last year.

Total shareholders’ equity (excluding minority rights) amounted to 491.2 million riyals in the current period, compared to 538.3 million riyals in the same period last year, a decrease of 8.7%.

The loss per share in the current period reached 0.12 riyals during the current period, compared to a profit of 1.36 riyals in the similar period last year.

The reason for the decrease in profit during the current quarter compared to the same quarter of the previous year is due to the lack of distribution of profits during this quarter from the Saudi Industrial Investment Company for the first half of the year 2023.

The reason for the decrease in net profit during the current quarter compared to the previous quarter is due to the higher operating expenses in this quarter than the operating expenses during the previous quarter, in addition to realizing losses during this quarter in a sister company in which an investor is invested.

The reason for the decrease in profit during the current period compared to the similar period of the previous year is due to the non-distribution of profits for the first half of the year 2023 from the Saudi Industrial Investment Company.