Riyadh – Mubasher: Al Kathiri Holding Company suffered net losses worth SAR 1.3 million over the second quarter (Q2) of the year, against net profits of SAR 3 million in the year-ago period.
The turn to loss is attributed to a decline in revenue as the ready-mix concrete activity stopped due to the precautions taken by the Saudi government against the COVID-19 outbreak, coupled with a hike in operating costs, according to a bourse statement on Sunday.
Additionally, the rise in cement prices resulted in relatively higher sales and lower volumes.
Revenue for the three-month period ended 30 June dipped by 14.85% to reach SAR 15.24 million when compared to SAR 17.9 million in the same period in 2019.
