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(The Group’s Comment)
Salam International Investment Net Loss Turn into Net Profit of
QAR 6.88 Million in the 3rd
Quarter 2019
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Profits: The Company has recorded net profits of QAR 6.9 million in the 9 months
ended 30 September 2019 compared to net losses of QAR 29.0
million for the same period last year. Earnings per share
amounted QAR 0.006 versus QAR 0.25 losses per share for the last
year’s period. Concerning the 3rd quarter results,
the Company recorded losses of QAR 1.6 million compared to QAR
16.3 million losses for the same quarter last year. The
improvement in the result for the period is mainly attributed to
the following:
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The increase of other operating revenues
item and other revenues by QAR 31.2 million.
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The reduction in administrative and general
expense item by nearly QAR 68.2 million.
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The decrease in Employees’ salaries by QAR
24.2 million.
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Revenues:
Operating revenues decreased by 14.6%, QAR 286 million,
a result of the notable decrease in the revenue of technology
division.
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Operating expenses: With the decline in revenues, the operating expenses
decreased by QAR 237.6 to reach QAR 1283.1 million versus QAR
1520.7 million. The surplus of the decline in revenues over the
decline in expenses impacted the total profits which was
decreased by QAR 48.4 million.
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Cumulated losses: Its balance reached as of the end of the period to QAR
415.15 million to constitute 36.3% of the share capital.
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