Riyadh – Mubahser: Najran Cement Company on Thursday announced a 282% year-on-year increase in losses during the full-year 2018.

Najran Cement’s losses after calculating Zakat and Tax reached SAR 83.5 million ($22.26 million) from January to December 2018, up from SAR 21.86 million ($5.83 million) in 2017, according to a bourse statement.

The Saudi cement producer attributed the rise in 2018 losses to a decrease in sales volume and prices, a drop in other income, coupled with higher production costs.

The firm’s losses also went up 51.5% in the fourth quarter of 2018, reaching SAR 17.87 million, compared to SAR 11.79 million in Q4-17, according to data compiled by Mubasher.

By 10:48 am Saudi time, Najran Cement Company’s stock went down 1.30%, reaching SAR 8.33.