Riyadh – Mubasher: Saudi Industrial Development Company (SIDC) announced its interim financial results for the second quarter of 2019.

Net losses after zakat and tax increased by 30.76% to SAR 1.7 million in Q2-19, compared to SAR 1.3 million in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

The company attributed the increase in losses to the drop in non-operating income.

Meanwhile, revenues of the Saudi-based company jumped by 5.4% to SAR 53.9 million in the three-month period between April and June, versus SAR 51.1 million in the same period of the prior year.

For the first six months of 2019, the company achieved SAR 1.3 million in profits, against losses of SAR 1.1 million in H1-18.

Revenues levelled up 8.5% year-on-year to SAR 104 million by the end of June.