SIEC losses deepen 250% in Q2

Increase in doubtful debts and higher general and administrative expenses

  
Riyadh – Mubasher: The Saudi Industrial Exports Company (SIEC) witnessed a 250.3% yearly surge in losses during the second quarter (Q2) of the year, the firm’s interim financial statements showed.

The losses rose to SAR 11.49 million in Q2-20, compared to SAR 3.28 million in Q2-19, ascribed to an increase in doubtful debts and higher general and administrative expenses, despite the hike in other income, according to a bourse disclosure on Tuesday.

Moreover, revenue for the April-June period came in at SAR 12.37 million, an increase of 108.6% from SAR 5.93 million in the year-ago period.

During the period from January to June, the losses went down by 5.1% year-on-year (YoY) to SAR 11.25 million.

Source: Mubasher

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