Riyadh – Mubasher: National Metal Manufacturing and Casting Co’s (Maadaniyah) profits declined 87.57% in the first quarter of 2017.

The company achieved a net profit of SAR 1.45 million in Q1-17 compared to SAR 11.67 million in the same period in 2016.

The company attributed the fall in net profits to lower sales, higher costs, and an increase in selling and distribution expenses, according to a bourse filing on Tuesday.

Sales reached SAR 65.88 million in Q1-17 compared to SAR 79.11 million in the year-ago period, with a 16.72% decrease.

The company reported a 20.82% fall in net profits to SAR 23.23 million in 2016 compared to SAR 29.34 million in 2015.