Riyadh – Mubasher: Al Hammadi Company for Development and Investment reported its interim financial results for the third quarter of 2019.
Net profits after zakat and tax inched down by 0.65% to SAR 21.17 million in Q3-19, compared to SAR 21.31 million in Q3-18, according to a bourse filing on Monday.
Profits decreased due to the drop in the pharmaceutical sales of the subsidiary company due to the nature of government contracts, in addition to the decrease in the other operating revenues, despite the increase in medical care revenues resulted from the increased number of visited patients.
Revenues of the Saudi firm plunged by 12.13% year-on-year to SAR 220 million during the three-month period ended September.
For the first nine months of 2019, net profits of Al Hammadi decreased to 65.35 million, down 9.3% from 72.12 million in the same period of the prior year.
The company generated SAR 703.51 million in revenues in nine months, up 5.7% from SAR 665.56 million in the same period a year ago.
Profit per share recorded SAR 0.54 by the end of September, compared to SAR 0.6 in September 2018.
