Riyadh – Mubasher: Saudi Industrial Development Company (SIDC) reported SAR 10 million in net losses after zakat and tax during the first quarter (Q1) of 2020, versus a net profit of SAR 3 million in Q1-19.

Revenues decreased by 19.56% to SAR 40.3 million, down from SAR 50.1 million for Q1-19, the company’s quarterly interim financial results showed on Thursday.

The company attributed turning to losses to higher operational losses resulting from lower sales and non-operational losses, according to a statement to the Saudi Stock Exchange (Tadawul).