Riyadh – Mubasher: Raydan Co, listed on Nomu-Parallel Market, reported a decline of 61.4% in its net profits for the first quarter of 2017.

Net profits reached SAR 4.58 million in Q1-17 compared to SAR 11.86 million in the year-ago period, according to a bourse filing on Sunday.

The company attributed the decrease in net profits to lower sales and the general fall in the sector, in addition to the subscription expenses paid by the shareholders at a value of SAR 2.07 million.

Sales fell 16% to SAR 62.74 million in Q1-17 compared to SAR 74.81 million in Q1-16.