Riyadh – Mubasher: Al Abdullatif Industrial Investment Company’s profit dropped 94.7% to SAR 7.35 million ($1.96 million) in 2016 from SAR 139.28 million ($37.14 million) in 2015.
The decline in profits was due to establishing loss provision and the decrease of investment value of a sister company by SAR 23 million, according to a bourse filing on Wednesday.
The increase of estimated zakat provision by around SAR 2 million also contributed to the fall in profits.
The company attributed the decrease in profits to lower sales and profits of tangible assets’ sale and higher costs and general and administrative expenses, in addition to exceptional losses, the statement said.
The initial financial statements earlier revealed a 77.3% year-on-year drop in profits to SAR 31.61 million in 2016.
