Riyadh – Mubasher: Saudi Arabia-based Red Sea International Company on Thursday said that it swung to a loss in 2017, compared to the year before.

The firm's losses amounted to SAR 65.3 million last year, against a profit worth SAR 90.3 million in 2016, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed company attributed the last year losses to a decrease in its total profits by SAR 188.1 million.

“Gross profit margin was also reduced due to various non-recurring costs and provisions related to anticipated losses on two ongoing projects, increase in provision for slow-moving inventory,” the statement added.