Riyadh – Mubasher: Saudi Industrial Export Company (SIEC) on Monday announced widening its losses by 106.25% year-on-year in the first quarter of 2017.
Losses amounted to SAR 3.3 million ($880,000) in Q1-17, up from SAR 1.6 million ($430,000) in Q1-16, according to a filing to the Saudi Stock Exchange (Tadawul).
The company’s losses increased by 32% in Q1-17, compared to SAR 2.5 million recorded in Q4-16, the statement showed.
Earnings per share (EPS) stood at SAR 0.17 in Q1-17, compared to SAR 0.04 in the same period a year earlier.
SEICO attributed the rise in losses to the increase in administrative expenses related to the export of medium- and small-scale export services, marketing of trademarks, the increase in other developments, and licensing expenses for the export of SARA products.
Total revenues dropped 82% to reach SAR 229.97 million in Q1-17, compared to SAR 1.13 billion in the corresponding quarter in the year earlier.
The Saudi-listed company had previously reported a loss of SAR 5.9 million in the full year 2016, against SAR 1.8 million in net profits in 2015.
SEICO’s stock closed Sunday at SAR 30.30, after losing 1.30%.
