Riyadh – Mubasher: The Saudi Industrial Export Company (SIEC) on Tuesday posted a 96.5% year-on-year decline in losses during the third quarter of 2018.
SIEC’s losses after calculating Zakat and Tax amounted to SAR 376,000 by the end of Q3-18, compared to SAR 10.63 million in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm said that it succeeded in decreasing its losses after an increase in supplying Aramco and Saudi Aramco Base Oil Company (Luberef) with sulfur, coupled with a rise in plastic exports, and higher revenues.
SIEC further noted that it reduced losses due to a decline in administrative and general expenses.
From January to September, the firm turned a profit after generating SAR 12.55 million, against SAR 25.66 million in losses in the corresponding nine-month period of 2017.
By 10:28 am Saudi time, SIEC’s stock rose 9.89% to SAR 122.20.
