(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.