Riyadh-Mubasher: Saudi Industrial Development Co.’s (SIDC) net profit retreated 38% year-on-year to SAR 7.7 million ($2.05 million) in the second quarter of 2016 from SAR 21.55 million ($3.3 million) in Q2-15.

The decline in net profit was attributed to a decrease in operating profits, due to lower sales and higher production costs and operating expenses, according to a bourse filing on Thursday.

The Saudi-listed company achieved SAR 1.8 million net losses in the first six months of 2016 compared to SAR 17.3 million in the year-ago period.