Riyadh - Mubasher: Saudi Research and Marketing Group reported a decline in profits by 25.13% for the second quarter of 2017, compared to the same period last year, according to a bourse filing.

The company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that profits reached SAR 20.35 million in Q2-17, compared to SAR 27.17 million in Q2-16.

Meanwhile, net profits for the first half of the year declined by 18.5% to SAR 42.87 million down from SAR 52.6 million in H1-16, as shown by the company’s financial statements.

The company attributed the decrease in profits to lower revenues and sales volumes, as well as more offers and discounts to its customers in line with the current challenging market conditions, and an increase in sales, distribution, and administrative costs.