Riyadh – Mubasher: Saudi Industrial Service Company (SISCO) on Thursday announced an 8.7% decline in profits for the first quarter of 2017, compared to the year-ago period.
Net profits reached SAR 22.1 million in Q1-17 down from SAR 24.2 million in Q1-16, according to a filing to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, the company’s profits grew 4.3%.
The year-on-year decrease in net profits occurred due to a drop in revenues of the water desalination sector and an increase in inventories, the company said.
Revenues edged up 0.2% reaching SAR 172 million in Q1-17, compared to SAR 171.7 million in the same period in the year before.
The company previously reported a 1.88% growth in profits to SAR 92.09 million in 2016, compared to SAR 90.51 million in 2015.
SISCO’s stock closed in the red zone at SAR 12.25 on Thursday, dropping 0.97%.
