Riyadh- Mubasher: The Saudi Industrial Export Company (SIEC) turned to losses during the second quarter of 2019, versus net profits registered in Q2-18, while losses declined by 61.2% compared to the first quarter of 2019.

The company suffered losses worth SAR 3.3 million in Q2-19, against around SAR 320,000 worth of net profits in Q2-18, according to the company’s financial statements published on the Saudi Stock Exchange (Tadawul) on Monday.

The company ascribed the increase in net losses to the lower price of sulfur mainly and also global raw materials, as well as the slowdown in demand for cement; these factors have led to a decline in sales.

In addition, the loss in Q2-19 is attributed to SIEC’s low investment value rating in the Warehousing and Logistics Services Co, as well as higher general and administrative costs, in addition to lower other revenues.

Noteworthy, in the first quarter of 2019, the company incurred net losses that amounted to SAR 8.5 million, against SAR 12.6 million worth of net profits in Q1-18.