Riyadh – Mubasher: Saudi Arabia-based, Fawaz Abdulaziz Al Hokair Company on Tuesday said that its net profits plunged 89.76% year-on-year in the second quarter of 2017.

Net profits slumped to SAR 6.84 million in Q2-17, from SAR 66.82 million in Q2-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Al Hokair’s second quarter ended on 30 Septmebr 2017.

Quarter-on-quarter, profits retreated 97.06%.

The company attributed the decrease in its year-on-year net profits to an increase in provisions for slow moving inventory by SAR 11 million, and to a decline in other revenues due to foreign exchange losses of SAR 26 million.

The firm’s fiscal year ended in March of each year.

At the level of the first nine months of 2017, net profits levelled down 17.51% to reach SAR 239.24 million, compared to SAR 290.01 million in the corresponding period in the year earlier.

By 11:55 am KSA time, the stock tumbled 4.57% to reach SAR 31.50.