Riyadh – Mubasher: The Saudi Industrial Exports Company (SIEC) turned to profitability in the first quarter (Q1) of 2020, recording a net profit of SAR 200,000, versus net losses of SAR 8.5 million in the same period a year ago, as shown in the company’s interim financial statements.

Revenues slid by 37.9% on an annual basis, recording SAR 11.3 million by the end of March 2020 from SAR 18.2 million in Q1-19, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

Achieving profits was driven by flourishing export of food and plastic products, growing other revenues, and lower general and administrative expenses.