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FinancialNews
23-06-21
Saudi retail giant marks 24 percent drop in full-year net income
(MENAFN)Saudi mall operator Arabian Centres announced its total COVID-19-related exposure to revenues stood at about SR579 million (USD154.2 million).
About 24 percent decrease in full-year net income to SR486.7 million was announced by retail giant, as overall sales dropped over 15 percent to SR1.86 billion.
The decline in earnings was by reductions extended to tenants whose business was affected by the pandemic. It was affected by a decrease in rental rates applied to leases renewed in the year, it further declared.
It expanded SR 241.2 million in non-recurring, COVID-19-related reductions in the year on top of the extension of SR20.4 million in such reductions in the last three months of 2020.
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