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RIYADH: Industrial investment firm Al-Abdullatif (Al-Abdullatif) released its net profit after Zakat and tax rose 45.07% in the second quarter of 2019 on an annualized basis.
According to Tadawul data released Wednesday, net profit reached 4.12 million riyals in the second quarter of 2019, compared to 2.84 million riyals in the same quarter of last year.
The Company attributed the annual growth in net income in the second quarter to higher sales, lower cost of materials due to sales, and generally lower sales costs charged to sales.
On a quarterly basis, the company's profits increased 21.89%, compared to 3.38 million riyals for the first quarter of 2019.
Net profit after Zakat and taxes amounted to 7.51 million riyals in the first half of 2019, compared with a net profit of 10.1 million riyals in the same period last year.
The company attributed the reasons for the decline in net income and comprehensive income in the first half of 2019 to the decrease in other revenues and higher financing costs, in addition to the increase in the provision for Zakat.
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