“Anaam Holding” loses 8 million riyals in Q3

Anaam International Group recorded a loss of 8 million riyals during the third quarter of 2024, compared to a profit of 634 thousand riyals in the same quarter of last year. This came after the announcement today of the financial results for the period ending September 30, 2024 (9 months).

The operating loss amounted to 4.8 million riyals in the third quarter, compared to a profit of 3.8 million riyals in the same quarter of the previous year.

The loss per share amounted to 0.0061 riyals in the current period, compared to a profit of 0.01 riyals in the same period of last year.

According to the company, the reason for the decrease in net profit during the current quarter compared to the same quarter of the previous year is due to the increase in capital increase expenses for the current quarter, a decrease in the revenues of Wasit Saudi Entertainment and Beauty Systems Company for Industry during the current quarter by 40%, and a decrease in other revenues for the current quarter.

The reason for the decrease in net profit during the current period compared to the same period of the previous year is due to:

1- Profits achieved from re-evaluation of real estate investments for the same period of the previous year compared to the current period.

2- Increase in general and administrative expenses for the current period.

3- Increase in financing expenses for the current period.

4- Decrease in other revenues for the current period.