Riyadh-Mubasher: Al Hassan Ghazi Ibrahim Shaker Company’s net profits declined 41.85% to SAR 47.7 million ($12.7 million) in the second quarter of 2016 from SAR 82 million ($21.87 million) in the same quarter of 2015.

The company attributed the decrease in net profits to a 17.4% decline in sales, according to a bourse filing on Tuesday.

In addition, higher sales and distribution expenses affected the profits due to strengthening sales revenue as well as maintaining the company’s market share.

The Saudi-listed company’s profits also retreated 30.6% to SAR 75 million in the first half of 2016 from SAR 108.16 million in the year-ago period.