Riyadh – Mubasher: The net losses after Zakat and tax of Al Abdullatif Industrial Investment Company hiked by 105.78% to SAR 64.06 million in the first nine months (9M) of 2023 from SAR 31.13 million in 9M-22.
Loss per share amounted to SAR 0.79 in 9M-23, versus SAR 0.38 in 9M-22, according to the interim financial results.
The firm posted a 22.54% year-on-year (YoY) drop in revenue to SAR 381.49 million during January-September 2023, compared to SAR 492.48 million.
Financial Results for Q3
In the third quarter (Q3) of 2023, Al Abdullatif Industrial incurred net losses after Zakat and tax valued at SAR 24.30 million, an annual leap of 56.07% from SAR 15.57 million.
Revenues plummeted by 17.47% to SAR 117.69 million in Q3-23 from SAR 142.60 million during the same period in 2022.
On a quarterly basis, the net losses in Q3-23 widened by 22.98% from SAR 19.76 million in Q2-23, while the revenues declined by 4.73% from SAR 123.53 million.
Accumulated Losses
The Saudi company reported accumulated losses amounting to SAR 91.34 million as of 30 September 2023, representing 11.24% of the SAR 812.50 million capital.
