The Clap
Al Naqool (9514), a company engaged in the production of ready-mix concrete, revealed a SAR 292,000 decline in net profit after zakat and tax during H1 2022.
The Deets
The company attributed the 93% decrease in its profits to the decrease in the currency exchange rate of its subsidiary in Egypt, by SAR 1.83 million.
In addition to that, the cost of raw materials increased by 5.4%, which led to an increase in the cost of sales by 7%.
What Now
The company’s land was re-evaluated in Riyadh, Al-Malqa district, and valued at SAR 20 million, an increase from the cost of SAR 4.13 million, which will reflect positively on its future results.
Related News
Al Naqool announced that one of its subsidiaries, “Deir Real Estate”, obtained a license to sell off-plan for 10 units of the “Deir Villa” project located in the Al-Malqa district, north of Riyadh.
Al Naqool profits down in H1 2022 ⬇️
