(The Group's Comments) Salam Becomes
Profitable in the First Quarter of 2019 with a Net Profit of QR
5.58 Million
April 29, 2019
Profits: Salam International Investment Ltd.
(SIIL) posted a profit of QR 5.6 million for the first quarter
of 2019, compared to a loss of QR 8.2 million for the same
period of 2018, while the company’s earnings per share amounted
to QR 0.05 per share in the first quarter of 2019, versus a loss
per share of QR 0.07 for the same period last year.
Revenues: SIIL’s operating income decreased
by 9.5% to QR 658.7 million, compared to QR727.5 million for the
first quarter of 2018. On the other hand, the gross income for
the first quarter of 2019 amounted to QR 134.5 million, compared
to QR 152.8 million for the corresponding period last year, an
increase of QR 8.6 million.
Expenditures: SIIL’s expenses diminished by QR
23.8 million to settle at QR 149.6 million in the first quarter
of 2019, compared to QR 173.4 million for the first quarter of
last year. The company was able to reduce salary expenses by QR
8 million and administrative and general expenses by QR 13.3
million.
Comprehensive Income: Salam recorded a profit of QR
12,500 against a loss of QR 3.5 million for the corresponding
period of 2018.
Accumulated Losses: The balance of accumulated losses
amounted to QR 417.7 million by the end of the first quarter of
2019, which represents 36.5% of the capital.
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