The net profit of Baladna, a Qatari food company, increased in the second quarter of 2023 by 1.8% on an annual basis, to about 22.1 million riyals.
The increase in profits was supported by an increase in operating revenues by 7.2%, and recording a profit from investment at fair value of 1.7 million riyals, compared to a loss of 5.4 million riyals in the corresponding quarter of last year.
The company’s profits declined at the end of the first half of this year by 11.6% to 42.2 million riyals, as a result of the increase in general and administrative expenses by 12.9% to 48.2 million riyals, the increase in financing costs by 98% to 44.2 million riyals, and the decline in dividend income by 80%. to about 2.3 million riyals.
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