Riyadh – Mubasher: Al Abdullatif Industrial Investment Company incurred net losses after Zakat and tax worth SAR 39.76 million in the first half (H1) of 2023, an increase of 155.53% from SAR 15.56 million in H1-22.
The loss per share widened to SAR 0.49 at the end of June 2023 when compared to SAR 0.19 in the same period a year ago, according to the income statement.
The company’s revenues decreased by 24.60% year-on-year (YoY) to SAR 263.80 million during the January-June 30 period from SAR 349.88 million.
Income Statement for Q2-23
During the second quarter (Q2) of 2023, Al Abdullatif Industrial logged net losses of SAR 19.76 million which marked a 472.75% increase from SAR 3.45 million in Q2-22.
The revenues declined by 26.57% YoY to SAR 123.53 million in April-June 2023 from SAR 168.23 million.
On a quarterly basis, the net losses in Q2-23 were 1.20% lower than the value registered in Q1-23, while the revenues shrank by 11.94% from SAR 140.28 million.
Accumulated Losses
As of 30 June 2023, the industrial firm’s accumulated losses reached SAR 67.04 million, which accounted for 8.25% of the SAR 812.50 million capital.
In Q1-23, the industrial firm logged net losses worth SAR 20 million, while its accumulated losses stood at SAR 47.28 million as of 31 March 2023.
