Riyadh – Mubasher: Zamil Industrial Investment's profits retreated 21% year-on-year to SAR 41.78 million in the first quarter of 2017 from SAR 52.09 million.

The decrease in net profits was attributable to lower sales across all sectors due to project delays in KSA, in addition to lower operating margin in AC sector.

The reduction is also due to increase in financial charges, non-controlling interest, and reduction in associate income, according to a bourse filing on Wednesday.

Total revenues fell 18.4% to SAR 997.9 million in Q1-17 compared to SAR 1.22 million in the year-ago period.