Riyadh – Mubasher: Saudi Industrial Development Company (SIDC) on Wednesday said its net losses retreated 53.3% in the third quarter of 2017, compared to the year-ago period.

SIDC’s net losses fell to SAR 3.6 million in Q3-17, from SAR 7.7 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, losses tumbled 65.1%.

The Saudi firm attributed the drop of its year-on-year net losses to achieving non-operating revenues.

At the level of the first nine months of 2017, the company’s net losses increased 59.8%, reaching SAR 13.1 million, compared to SAR 8.2 million in the same period in the year before.

By 2:31 pm KSA time, SIDC’s stock levelled down 0.32% to SAR 9.23.