Riyadh – Mubasher: Raydan Company reported an 85.4% year-on-year slid in its profits for the first quarter of 2019.

Net profits after zakat and tax amounted to SAR 714,727 in Q1-19, against SAR 5.16 million in Q1-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

Revenues of the Saudi-based company inched up 0.12% to SAR 54.73 million during the three-month period ended March, compared to SAR 54.66 million in the same period of the previous year.

Earnings per share (EPS) recorded SAR 0.03 in Q1-19, versus SAR 0.23 at the same period a year earlier.