Riyadh – Mubasher: The Saudi Industrial Export Company (SIEC) on Thursday reported turning a profit during the full-year 2018.

SIEC’s net profits after calculating Zakat and Tax reached SAR 6.4 million ($1.71 million) from January to December 2018, against a loss of SAR 111 million ($29.59 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the positive turn in 2018 financials to resuming collaboration with state-run Saudi Aramco to export sulfur to Egypt and export cement to Yemen.

SIEC also cited a rise in other revenues after obtaining insurance deposits from Afia International Co. at a value of SAR 14.05 million.

The Saudi firm’s revenues skyrocketed 516.2% to SAR 118.3 million last year, from SAR 19.2 million in 2017.

The value of the total shareholders’ equity, excluding the minority interest, amounted to SAR 67.4 million in 2018, logging a 512.8% surge from SAR 11 million in the previous year.

The company’s losses decreased by 92.78% year-on-year in the fourth quarter of 2018, reaching SAR 6.15 million, from SAR 85.34 million, according to Mubasher’s statistics.