Riyadh – Mubasher: Al Abdullatif Industrial Investment Company reported net losses after Zakat and tax valued at SAR 20 million in the first quarter (Q1) of 2023, up from 65.15% from SAR 12.11 million in Q1-22.
The Saudi firm posted an annual drop of 22.77% in revenue to SAR 140.28 million during January-March 2023, compared to SAR 181.65 million.
Loss per share increased to SAR 0.25 as of 31 March 2023 from SAR 0.15 in Q1-22, according to the income statements.
On a quarterly basis, the Q1-23 net losses after Zakat and tax shrank by 25.20% from SAR 26.74 million in Q4-22, while the revenues declined by 9.51% from SAR 155.02 million.
Accumulated Losses
The accumulated losses of Al Abdullatif Industrial reached SAR 47.28 million as of 31 March 2023, equivalent to 5.82% of the SAR 812.50 million capital.
Last year, the company posted 21.19% higher net losses after Zakat and tax valued at SAR 57.87 million, compared to SAR 47.75 million in 2021.
