Riyadh – Mubasher: Saudi Industrial Development Company (SIDC) on Monday reported turning to profitability in the first quarter of 2017 against losses in the same quarter of 2016.

Net profits stood at SAR 800,000 in Q1-17, against losses of SAR 8.6 million in Q1-16, according to a filing to the Saudi Stock Exchange (Tadawul).

On a quarter-on-quarter basis, profits slid 90.36%.

SIDC attributed its turning a profit to lower operating expenses and registering non-operating profits.

The company’s revenues declined 9.2% to SAR 61.2 million in Q1-17 from SAR 67.4 million in the corresponding quarter of the year earlier.

SIDC’s stock closed Sunday’s trading session at SAR 12.15, adding 2.10%.