Riyadh – Mubasher: Al Samaani Factory for Metal Industries Company reported a 70.4% decline in profits in the third quarter (Q3) of 2019.

Net profits decreased to around 255,000 in Q3-19, down from SAR 862,000 in Q3-18, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The decline in profits was attributed to lower selling prices due to fierce market competition, as well as higher operational and finance costs.

On the other hand, sales volumes increased, while administrative and general costs and Zakat provisions decreased.

During the first nine months of the year, the company achieved losses of SAR 367,000, against profits of SAR 3.2 million for the same period last year.