Riyadh – Mubasher: Electrical Industries Company (EIC) on Monday reported a 12.73% increase in its profits for the first quarter of 2017, compared to Q1-16.

Profits rose to SAR 10.65 million ($2.84 million) in Q1-17, compared to SAR 9.44 million ($2.52 million) in Q1-16, according to a filing to the Saudi Stock Exchange (Tadawul).

On a quarter-on-quarter basis, profits retreated 44.7%.

EIC attributed the growth in profits to the decrease in the cost of sales, which resulted in higher profitability from some of the company’s products in Q1-17.

The total value of sales declined 14.4% reaching SAR 189.1 million in Q1-17, compared to SAR 220.8 million in the same quarter in the year before.

The Saudi-listed electrical industries firm had previously said its profits fell 28.4% to SAR 50.36 million in 2016 from SAR 70.36 million in 2015.

By 10:59 am on Monday, EIC’s stock was down 0.09% to SAR 22.20.