Riyadh – Mubasher: National Building and Marketing Company reported a 57.8% year-on-year drop in its profits for the first quarter of 2019.

Net profits after zakat and tax stood at SAR 3.08 million in Q1-19, compared to SAR 7.3 million in Q1-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

Revenues of the Saudi-based company levelled down 10.94% to SAR 38.26 million during the first three months of 2019, from SAR 42.96 million in the same period of the prior year.

The firm attributed the drop in profits to selling its stake in Scientific Company for Pharmaceutical Products (Scienpharma).