Riyadh – Mubasher: The Saudi Industrial Development Company (SIDC) reported a 1,664.7% year-on-year profit hike in the first quarter of 2019.

The Saudi firm’s net profits, after zakat and taxes, leapt to SAR 3 million ($799,890) in Q1-19 from about SAR 170,000 ($45,327) in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The company ascribed the net profit growth to higher non-operating revenues and sales.

Revenues rose 12.1% to SAR 50.1 million in the first three months of 2019 from SAR 44.7 million in the prior-year period.

Quarter-on-quarter, SIDC turned to profitability, against SAR 20.2 million in net losses in Q4-18.

For the full-year 2018, SIDC’s losses soared 195% to SAR 30.1 million, compared to SAR 10.2 million in the prior year.