Riyadh – Mubasher: The Saudi Research and Marketing Group on Wednesday reported a 35% year-on-year decrease in its net profits for the first quarter of 2018.

The company’s net profits amounted to SAR 11.7 million in Q1-18, compared to SAR 18 million during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Saudi Research attributed the year-on-year decline in profits to an increase in administrative and general expenses.

Revenues fell 5.7% to SAR 370.3 million during Q1-18, from SAR 392.7 million in the corresponding period in the year earlier.

The stock jumped 7.6%, to close Tuesday at SAR 110.22.