[ad_1]
Saudi National Shipping Co. (SABIC) reported a net profit of 75.42% in the second quarter of 2019, one year on the other.
The company told Tadawul on Monday that its net profit fell from 185.41 million ryals to 185 million rials over the same period in 2018, falling to 45.57 million rials.
The company's profits on a quarterly basis also decreased by 74.6%, registering in the first quarter of 2019 approximately 179.33 million riyals.
The company attributed the main reasons for the decline in net income in the quarter compared to the same quarter of the previous year, including lower revenues in the logistics sector as well as a slight decline in industry prices. oil transportation.
The decrease in earnings is attributable to higher operating costs, mainly due to higher fuel consumption and fuel costs.
The increase in financing costs due to the recognition of revaluation losses resulted in lower net income, higher interest rates and the addition of new loans.
It also highlighted a decline in operating profit in the current quarter due to lower oil transportation rates.
The company reported a 33.12% decrease in operating income to 204.29 million SAR from 334.47 million NAS.
Lower operating expenses, financing charges, and general and administrative expenses in the quarter compared to the prior quarter helped reduce the impact of lower transportation rates.
appointments:
Survey: Saudi Arabia's average tonne of iron increases by 10.6% in first half
The "White Land" program allocates funds for the development of Al Majmaa housing in Riyadh
The Saudi Transport Authority launches an electronic portal to manage the transport of goods
Video: The most important council of "Saudi banks" for electronic shopping
Saudi entrepreneurs: Meeting with the Ministry of Finance to recover the labor costs. Soon
Foreign direct investment in Saudi Arabia hits a record
Learn more about a table traveling Al Haramain train during the pilgrimage season
In detail .. Price of food and fruits in Saudi Arabia in June
Report: Euro issues rank Saudi Arabia among the best emerging markets
King Salman orders to welcome 1,000 pilgrims from Sudan
[ad_2]
Source link
