Riyadh – Mubasher: Takween Advanced Industries on Wednesday posted that its losses hiked 170.94% year-on-year in the full year 2017.

Net losses amounted to SAR 168.2 million last year versus SAR 62.09 million in 2016, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The Saudi Arabia-based firm attributed last year losses to a decrease in sales volume and a rise in their cost due to the price hikes of raw material, in addition to a jump in selling and distribution expenses owing to the creation of additional provisions, the statement showed.

By the end of Tuesday’s session, Takween’s stock rose 1.28% at SAR 9.53.