Riyadh – Mubasher: The Saudi Industrial Development Company (SIDC) on Wednesday reported a 195% year-on-year increase in losses during the full-year 2018.

SIDC’s losses amounted to SAR 30.1 million ($8.02 million) from January to December 2018, up from SAR 10.2 million ($2.72 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the previous-year loss hike to a drop in sales, coupled with a decline in non-operating revenues.

SIDC turned to losses after suffering SAR 21.4 million during the fourth quarter of 2018, against a profit of SAR 2.9 million in Q4-17, according to data compiled by Mubasher.