Riyadh – Mubasher: Saudi Industrial Development Co’s (SIDC) losses declined 82% in 2016 compared to the previous year.

The company suffered SAR 3.4 million ($907,000) in 2016, compared with SAR 18.9 million ($5.04 million) in 2015, as per its amended financial statements.

The drop in losses was attributed to achieving non-operating profits and to lower zakat, according to a bourse filing on Sunday.

In January, the SIDC announced recording SAR 13.1 million net losses in 2016, with a 30.7% decrease in comparison to 2015 losses.

The Saudi-listed firm said that as a result of applying the international financial reporting standards (IFRS), shareholders’ equity fell SAR 1.8 million.