Lower earnings and higher expenses led Alijarah Holding report a net loss of QR88.15mn in 2015 against net profit of QR69.38mn a year ago.
The company has, however, recommended 5% cash dividend, which will have to be approved by shareholders at the annual general assembly meeting convened on February 14.
Its financial leasing reported profit of QR15.41mn; even as taxi services, holding, property development and transportation ended up in losses QR53.87mn, QR26.41mn, QR22.58mn and QR0.7mn respectively, according to its financial statement.
Total income shrank 34% to QR180.91mn on 14% decline in income from core business to QR175.23mn, 92% in income from investments to QR5.06mn and 93% in other income to QR0.62mn.
Its transportation division earned total revenue and gains of QR92.83mn, taxi services (QR47.91mn), property development (QR27mn), financial leasing (QR20.45mn) and holding (QR5.06mn).
Total expenses surged 32% to QR279.25mn with operating expenses expanding 26% to QR226.35mn and impairment losses of QR24.85mn on available-for-sale financial assets; even as general and administrative expenses shrank 12% to QR28.05mn.
With expenses remaining higher than income, the company reported net operating loss of QR98.34mn compared with net operating income of QR64.92mn in the previous year.
However, net finance income more than doubled to QR10.19mn on higher finance income and lower costs associated with it.
Total assets were valued at QR1.3bn comprising cash and bank balances of QR872.79mn, instalments and due of QR168.46mn from customers, property and equipments worth QR130.72mn, available-for-sale financial assets of QR56.8mn and prepayments and other receivables of QR55.3mn.
Total equity stood at QR1.04bn on a capital base of QR494.8mn and loss-per-share was QR1.78 in 2015 against earnings-per-share of QR1.4 in 2014.