Riyadh – Mubasher: Saudi Arabia-based Tabuk Agricultural Development Company reported a 105% increase in losses during 2018, compared to 2017.

The firm’s losses, after calculating Zakat and Tax, amounted to SAR 62.1 million from January to December 2018, up from SAR 30.3 million during 2017, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

Tabuk Agricultural Development attributed the large rise in annual losses to an increase in administrative, general, and marketing expenses.

In the fourth quarter of 2018, the company's losses also grew to SAR 55.54 million from SAR 11 million during Q4-17, according to data compiled by Mubasher.