Al-Fokhariah profits down 38% in the third quarter

Economic – Saudi Arabia:

Announced Saudi Company for the Production of “Pottery” Pipes Today, the financial results for the third quarter of this year, down 38% to 910 thousand riyals, compared to 1.47 million riyals in the same quarter of 2019.

In a statement on the Tadawul financial market, the company stated that profits were declining due to the increase in operating expenses and the high cost of sales.

Al-Fakhariah revealed that net profits rose by 148.8% to 9.2 million riyals during the first nine months of 2020, compared to a net profit of 3.7 million riyals in the same period of 2019, due to the increase in sales.

The company achieved a net profit of 2.86 million riyals during the second quarter of this year, compared to a net profit of 610 thousand riyals in the same quarter of 2019, with a growth of 365.1%.

During the first quarter of 2020, the company’s net profit increased by 237.7% to 5.41 million riyals, compared to 1.6 million riyals in the first quarter of 2019.

The company was established on December 11, 1977, and specializes in the production and manufacture of environmentally friendly pipes for use in the local market. The production capacity of the company’s factories is 200,000 tons annually of clay pipes and fittings.

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