Al Abdullatif profits grow 8.5% in Q2 on lower sales costs

Riyadh – Mubasher: Al Abdullatif Industrial Investment Company on Monday announced an 8.5% increase year-on-year in its profits for the second quarter of 2017.

The company posted SAR 13.72 million in Q2-17, compared to SAR 12.64 million in Q2-16, according to a bourse filing.

Quarter-on-quarter, profits rose 11% to SAR 13.72 million in Q2-17, from SAR 12.36 million.

The firm attributed the growth in profits to the decrease in sales costs, the drop in administrative, general, and financing expenses, whereas other revenues levelled up.

Sales tumbled 15.1% to reach SAR 182.25 million in Q2-17, compared to SAR 214.61 million in the corresponding period in the year earlier.

Profits went down 4.8% reaching SAR 26.1 million in the first six months of 2017, compared to SAR 27.4 million in H1-16.

Sales retreated 21.4% to SAR 348.86 million in H1-17, from SAR 443.71 million in H1-16.

Al Abdullatif’s stock shed 0.46% to SAR 13.02 on Monday.

Mubasher Contribution Time: 24-Jul-2017 14:51 (GMT)
Mubasher Last Update Time: 24-Jul-2017 14:56 (GMT)