Riyadh – Mubasher: Saudi Arabia-based Zahrat Al Waha for Trading Co. on Monday posted a 44.6% year-on-year drop in its net profits after calculating Zakat and Tax in the third quarter of 2018, registering SAR 9.52 million ($2.54 million) from SAR 17.17 million ($4.58 million).

Zahrat Al Waha attributed the third-quarter profit decline to an increase in sales cost, in addition to a growth in financing costs, according to a bourse filing.

Quarter-on-quarter, the Saudi firm's profits jumped 21.3% during the three-month period ended September, from SAR 7.85 million.

From January to September this year, the firm’s profits plunged 53.5% to SAR 21.61 million, compared to SAR 46.44 million in the corresponding period last year.

By 12:01 pm Saudi time, Zahrat Al Waha for Trading Co.’s stock rose 1.61%, reaching SAR 34.75.