Riyadh – Mubasher: Al Abdullatif Industrial Investment Company (Al Abdullatif) posted a 53.5% year-on-year fall in its profits for the first quarter of 2019.
Net profits after zakat and tax reached SAR 3.38 million in Q1-19, compared to SAR 7.27 million in Q1-18, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
The drop in Q1-19 profit was attributed to the higher cost of sales, an increase in general and administrative expenses, combined with growth in financing and selling expenses.
The Saudi-based company generated SAR 168.85 million in revenues in Q1-19, up 3.2% year-on-year from SAR 163.57 million.
However, Al Abdullatif adopted IFRS 16 effective as of January.
In 2018, Al Abdullatif posted a 77.2% year-on-year drop in its profits, registering SAR 8.03 million.