Riyadh – Mubasher: Wafrah for Industry and Development on Monday reported a 148.4% year-on-year surge in its net loss during the full-year 2017, compared to the year before.

Wafrah suffered net loss worth SAR 50.12 million last year, up from SAR 20.18 million in 2016, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi Arabia-based firm attributed the rise of net losses to a drop in demand, fierce competition in the market, whereas there was an increase in sales’ cost.

By 10:42 am KSA time, Wafrah’s stock fell 6.14% to SAR 18.20.