Riyadh – Mubasher: Saudi Arabia-based Raydan Co, listed on the Nomu-Parallel Market, on Wednesday announced a 45.2% decrease in its year-on-year net profits in the second quarter of 2017.

Net profits fell to SAR 5.8 million in Q2-17, from SAR 10.6 million in Q2-16, according to statements to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, net profits surged 26.6%.

The company attributed the decline in its year-on-year net profits to the drop in sales.

Sales retreated 7% to reach SAR 69.46 million in Q2-17, from SAR 74.72 million in the year-ago period.

At the level of the first six months of 2017, the company’s profits slid 44.5% reaching SAR 12.45 million, from SAR 22.44 million in H1-16.

Sales went down 12% to reach SAR 132.2 million in H1-17, compared to SAR 149.54 million in the same period in the year earlier.

The stock remained stable, closing at SAR 23.24 on Wednesday.