Riyadh – Mubasher: National Industrialization Company posted on Wednesday a net profit of SAR 123.4 million ($32.91 million) for the fourth quarter of fiscal 2016, against a net loss of SAR 686.6 million ($183.1 million) for Q4-15.

The company attributed the turn into profit to the improvement in operational performance, increase in sales volumes and decrease in general, administrative and marketing expenses, according to a bourse statement.

Operational profit reached SAR 611.8 million in Q4-16, compared to operational losses of SAR 741.6 million for Q4-15.

In fiscal 2016, bet profit amounted to SAR 254.6 million, versus a net loss of SAR 1.42 billion for fiscal 2015.

Operational profit for fiscal 2016 reached SAR 1.63 billion, compared to operational losses of SAR 372.9 million.