[ad_1]
Riyadh – Mubasher: Mfg. Co. (FIPCO) recorded a net loss in the second quarter on an annual basis.
The company's financial statements on Tadawul on Thursday recorded a net loss of 4.8 million riyals, compared to a profit of about 700,000 riyals in the corresponding quarter of 2018.
FIPCO said the year-over-year second quarter loss was due to lower overall profit due to lower sales of some items badociated with government projects and higher production costs, such as labor costs. – due to higher government fees.
In addition to the increase in general and administrative expenses resulting from the fact that the company bears its share of the expenses of the subsidiary (FIPC Industry), as well as the increase of sales and marketing expenses of the subsidiary during the recent period; Financing and increase of Zakat's offer.
On the other hand, other income, mainly capital gains, increased due to the sale of some of the company's older machines due to its low economic feasibility.
On a quarterly basis, losses increased 92% in the second quarter compared to a loss of 2.5 million riyals in the first quarter.
The company 's losses amounted to 7.3 million riyals in the first half of 2019, compared with a profit of 1.8 million riyals in the same period last year.
The company moved to losses in the first quarter of 2019 on an annual basis with a net profit of 2.5 million riyals, compared to a profit of 1.1 million riyals in the corresponding quarter of 2018.
The stock fell 1.6% to close at 30.15 riyals.
For more business results
appointments:
Saudi banks earn 10 billion riyals in the second quarter of 2019
Saudi Hajj: Preparation of a special program for the promotion of pilgrims
Chief Executive Officer: Alinma Bank wants to be on the big projects day (interview))
Saudi cement sales increase in July, boosted by large companies
Name the Saudi Crown Prince on one of the vital roads of Mecca
Saudi statistics: 13.78 thousand turns will cover mobile communications with Hajj
Saudi Pbadports: Expelling Offenders to Hajj Regulations and Preventing them from Entering the Kingdom
"Moody's expects Gulf governments to increase spending and postpone austerity measures
"Citizen Account "announces the details of the aid granted to Saudi beneficiaries in August
Saudi Transport Authority Clarifies Riyadh Metro Tariff
[ad_2]
Source link
