Riyadh – Mubasher: Al Abdullatif Industrial Investment Co posted a 16.3% year-on-year fall in its profits during the first quarter of 2017, according to a bourse filing.
Net profits reached SAR 12.36 million in Q1-17, compared to SAR 14.76 million in Q1-16.
On a quarterly basis, first-quarter net profits grew 273.4% from SAR 3.3 million achieved in Q4-16.
The year-on-year profit decline is mainly weighed by lower sales, in addition to higher cost of sales, marketing expenses, and zakat provisions.
Sales reached SAR 166.61 million in Q1-17, down 27.3% from SAR 229.1 million in Q1-16.
