Riyadh – Mubasher: The Saudi Industrial Development Company (SIDC) on Sunday posted a 64.8% year-on-year decline in its net profits during the fourth quarter of 2017.

SIDC’s net profits dropped to SAR 2.9 million during Q4-17, compared to SAR 8.24 million in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed firm swung to loss during the full-year 2017, incurring SAR 10.2 million, against a net profit worth SAR 4,000 a year earlier.

SIDC attributed losses to the operating losses due to an increase in production costs, in addition to a decrease in sales.

By 10:04 am KSA time, SIDC's stock inched down 0.43% to SAR 9.20.