Riyadh – Mubasher: The Saudi Industrial Development Company (SIDC) turned profitable in the second quarter (Q2) of 2020, posting net profits of SAR 4.3 million, against net losses of SAR 1.7 million over the same period in 2019.
Revenue stood at SAR 41.6 million during the period ended on 30 June 2020, down by 22.82% when compared to SAR 53.9 million in Q2 of last year, according to a bourse filing on Tuesday.
The turn to profits during Q2-20 is due to a drop in production costs and operating expenses.
