According to the financial statements of the company today, Thursday, the reason for achieving the net loss is mainly due to the decrease in average selling prices, the decrease in the company’s share in the profits of associates and joint ventures, in addition to a decrease in the value of some non-current assets of the Advanced Metal Industries Complex Company (a subsidiary company) despite the lower costs Funding and other higher revenues.
The net profit for the second quarter of the previous year included profits from selling the crystal activity, amounting to 663 million riyals.
On a quarterly basis, the company’s losses increased by 147% compared to about 76.5 million riyals, in the first quarter of 2020.
During the first half of this year, the company reduced its losses to 265.3 million riyals compared to 1.077 billion riyals during the first half of 2019, a decrease of 75.4%.
It stated that the decrease in net loss is due to the decrease in financing costs, zakat provision, and the increase in other income in addition to the “non-cash” loss resulting from re-measurement and the profit from selling Crystal activity recorded in the same period of the previous year.