The preliminary financial results of Al-Omran Industrial and Trading Company, announced today, Wednesday, revealed that profits decreased by 83.5% during the year ended December 31, 2019.
The company said, in a statement to the “Tadawul” financial market, that it achieved a net profit of 611 thousand riyals, compared to a profit of 3.7 million riyals in 2018.
The company achieved a net operating profit of 3.7 million riyals, compared to a net operating profit of 6.5 million riyals in 2018.
The company attributed the decrease in profits during the year 2019 to the high cost of sales, which in turn led to a decrease in the profit margin in addition to the increasing pressure on selling prices due to the intense competition.
Revenue decreased to 115.2 million riyals in 2019, compared to 116 million riyals revenue during 2018.
It should be noted that the company achieved a net profit of 1.6 million riyals during the first nine months of 2019, compared to a profit of 5.4 million riyals in the corresponding period of 2018.
The company attributed the decrease in net profit for the current period compared to the corresponding period of 2019 to the increase in operating and financing expenses.