The BOD of AIG Company recommended by circulation to distribute dividends to shareholders for the year 2020
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Astra Industrial Group announces its Annual Financial Results for the Period Ending on 2020-12-31
Net profit increases in general due to:
1. Increase in sales and gross profit in the following sectors:
a. Pharmaceuticals
b. Specialty chemicals
While noting that this increase was offset partially by impairment of financial assets.
2. Lower other expenses since in last year there was: Non-recurring negative impact as a result of the settlement of a subsidiary in Sudan in the pharmaceuticals sector the loan to its parent company in KSA realizing currency losses in the income statement which was partially offset by Non-recurring positive impact in the previous year in other income from fair values remeasurement of the company’s investment and loans to Tanmiya for steel company in accordance with IFRS
3. Decrease in financial charges in the following sectors:
a. Pharmaceuticals
b. Specialty chemicals
c. Power and Steel
4. Change in accounting for the losses in joint venture due to the consolidation of its financial statements
While noting that there was increase in Zakat expense