Saudi SIEC turns profitable in Q1

Riyadh – Mubasher: Saudi Industrial Export Co (SIEC) announced turning a profit in the first quarter of 2018, against suffering losses during the same corresponding period of 2017.

SIEC’s net profits stood at SAR 12.6 million during Q1-18, against a loss of SAR 1.8 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi firm attributed first-quarter profit to raise SAR 14.05 million in insurance deposits from Afia International Co, in addition to total profits generated from cement, sulfur, and plastic products sales.

SIEC’s operating losses decreased by 12.5% to SAR 1.4 million in Q1-18, from SAR 1.6 million during the same period in the previous year.

Revenues went up 3.4% to SAR 8.14 million in Q1-18, compared to SAR 229,980 in the year-ago period.

SIEC’s stock inched up 0.12%, closing Tuesday at SAR 270.

Mubasher Contribution Time: 18-Apr-2018 07:05 (GMT)
Mubasher Last Update Time: 18-Apr-2018 07:17 (GMT)