Riyadh – Mubasher: Fitaihi Holding Group on Sunday said its net profits tumbled 50.15% in the second quarter of 2017, compared to the year-ago period.

Net profits amounted to SAR 13.11 million in Q2-17, compared to SAR 26.3 million in Q2-16, according to a bourse filing.

Quarter-on-quarter, net profits went up 9.83%.

The Saudi-listed firm attributed the decrease in its year-on-year net profits to a drop in sales by 17% and the decline in investments' net profits by 68.2%.

In the first half of 2017, the firm achieved SAR 25 million in net profits, against net losses of SAR 3.89 million.

By 11:23 am Saudi time, the stock fell 0.46% to SAR 13.08.