ASharqiyah Development’s losses fall 56% in Q2

Riyadh – Mubasher: ASharqiyah Development Company (ASharqiyah) posted its interim financial results for the second quarter of 2019.

Net losses retreated by 56.5% to SAR 719,391 in Q2-19, from SAR 1.65 million in Q2-18, according to the firm’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The decrease in net losses was attributed to the reduction in the operating expenses after the suspension of agricultural activity, as this activity had achieved operational losses as a result of the reduction of production in preparation for a complete stop in line with the direction of the Ministry of Agriculture.

The Saudi firm did not achieve in Q2-19, compared to SAR 133,552 in the same period a year earlier.

For the first six months of 2019, ASharqiyah’s losses decreased by 58.8% to SAR 1.44 million, from SAR 3.51 million in H1-18.

Mubasher Contribution Time: 24-Jul-2019 13:41 (GMT)
Mubasher Last Update Time: 24-Jul-2019 13:41 (GMT)