Riyadh – Mubasher: The Saudi Industrial Development Company (SIDC) on Sunday reported a 79.01% year-on-year plunge in its net profits during the first quarter of 2018.

SIDC’s net profits slumped to SAR 170,000 in the three-month period ended March 2018, compared to SAR 810,000 during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

SIDC attributed the negative turn in its financials to suffering operating losses after sales declined and the rise of production costs.

Sales retreated 27% to SAR 44.7 million in Q1-18 versus SAR 61.2 million during the same period in a year earlier, the Saudi Arabia-based firm noted. 

By am 11:31 KSA time, SIDC’s stock shed 0.51% to SAR 9.80.