Zahrat Al Waha for Trading Co recorded a 29.2% year-on-year increase in profits to SAR 10.14 million during the second quarter of 2019, compared to SAR 7.85 million, as disclosed in the initial financial statements.
Meanwhile, on a quarterly basis, the company’s profits grew 11% when compared to the first quarter of 2019, according to a bourse disclosure to the Saudi Stock Exchange (Tadawul) on Thursday.
Zahrat Al Waha said that the growth in Q2 profits is attributed to lower sales costs, selling and distribution expense, and financing costs.
Sales and revenue decreased by 5.15% to SAR 133.41 million in Q2-19 from SAR 140.66 million in the same period last year.
During the first half of 2019, Zahrat Al Waha achieved a surge of 59.3% to SAR 19.27 million in profits, compared to SAR 12.1 million in the same period last year.
It is noteworthy that during the first quarter of 2019, the Saudi company registered a leap of 115% in profits to SAR 9.13 million, compared to SAR 4.25 million in the corresponding quarter a year ago.