Riyadh – Mubasher: Saudi Industrial Export Company (SIEC) revealed that the company swung to losses during the first quarter of 2019.

Net losses increased by 39.34% to SAR 8.5 million in Q1-19, against a profit of SAR 12.6 million in Q1-18, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The negative turn in the company’s Q1-19 financials was attributed to lower sulfur inventories, in addition to a drop in other revenues and general expenses.

In 2018, SIEC reported turning a profit, achieving SAR 6.4 million.