Riyadh – Mubasher: Saudi Industrial Services Company (SISCO) on Thursday reported a 97.29% year-on-year decline in net profits for the first quarter of 2018.
SISCO’s profits plunged to SAR 60,000 during the three-month period ended March 2018, from SAR 22.1 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm attributed the sharp decrease in its first-quarter profits to a drop in revenues from all operating sectors, in addition to liquidating some assets.
SISCO also ascribed the profit decline to a rise in financing expenses, despite the improvement in associate firms’ financial results.
Total shareholders' equity, after minority interests, amounted to SAR 1,068 million in Q1-18, compared to SAR 1,034 million in the comparative period of 2017, the statement added.
Quarter-on-quarter, the firm's profits slumped 91.3% from SAR 6.9 million during Q4-17.
SISCO’s stock declined 4.79% to close Thursday at SAR 15.30.
