Riyadh – Mubasher: Saudi Industrial Export Company (SIEC) incurred net losses after Zakat and tax worth SAR 2.64 million during the first quarter (Q1) of 2021, against net profits of SAR 22,000 in Q1-20.

Loss per share stood at SAR 0.41 in Q1-21, versus earnings per share of SAR 0.03 in Q1-20, according to a bourse filing on Tuesday.

Revenues shrank by 30% to SAR 7.9 million in the first three months of 2021 from SAR 11.3 million in the same period a year earlier.

On a quarterly basis, the Q1-21 net losses were lower by 52.8% than SAR 5.6 million in Q4-20.

Revenues meanwhile jumped by 387.6% quarter-on-quarter (QoQ) in Q1-21 compared to SAR 1.62 million in Q4-20.

The accumulated losses registered on 31 March 2021 totalled SAR 40.35 million, accounting for 62.77% of the SAR 64.8 million capital.

In 2020, the company posted a decrease of 50.7% in net losses to SAR 12.82 million.