Riyadh – Mubasher: Al Sorayai Trade and Industrial Group on Monday reported a 2.58% year-on-year decline in its profits for the first quarter of 2018.

Net profits amounted to SAR 1.39 million in Q1-18, compared to SAR 1.44 million in Q1-17, according to the company’s filing to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed firm ascribed the drop in profits to the change in fair value of financial derivatives.

Total sales went down 19% to SAR 110.12 million during the first three months of 2018, versus SAR 136.12 million in the comparative period of 2017.