Riyadh – Mubasher: Saudi Arabia-based Al-Samaani Factory for Metal Industries on Thursday reported a 22.9% decrease in net profits for the second quarter of 2018.

Al Samaani’s profits amounted to SAR 833,140 during Q2-18, down from SAR 1.08 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits tumbled 45.1% during the three-month period ended June, from SAR 1.52 million.

The firm attributed the second-quarter profit drop to an increase in revenue costs, along with higher selling, marketing, administrative, and general expenses.

Sales jumped 18.2% to SAR 10.68 million by the end of Q2-18, from SAR 9.04 million in the year-ago period.

The Saudi company logged a net profit of SAR 2.35 million in in the first half of 2018, while sales amounted to SAR 220.6 million during the same period.

By 12:20 pm Saudi time, the stock rose 1.84% to SAR 47.