Riyadh – Mubasher: Saudi Industrial Services Company (SISCO) on Wednesday posted a 34.88% decrease in its net profits during the full-year 2017, compared to the year before.

SISCO’s profits declined to SAR 58.8 million last year, down from SAR 90.3 million during 2016, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed firm attributed the drop of annual net profits to low revenues from all operating sectors due to a slowdown in domestic consumption.

The Kingdom-based company posted a 19% fall in total revenues to SAR 562.4 million in 2017 against SAR 690.8 million in the year previous year, the statement showed. 

SISCO’s stock fell 2.28%, closing Wednesday at SAR 12.87.