Riyadh – Mubasher: The Saudi Industrial Export Company (SIEC) moved to losses of SAR 1.26 million during the third quarter (Q3) of 2020, compared with profits of SAR 1.98 million in the year-ago quarter.
The turn to loss was driven by a decline in investment value from financial assets, coupled with a higher Zakat expense, according to a bourse statement on Wednesday.
Revenue for the quarter ended on 30 September 2020 dropped by 48.2% annually to SAR 11.3 million.
During the first nine months of 2020, the company’s losses shrank by 23.1% yearly to SAR 7.6 million.
