Riyadh – Mubasher: Wafrah for Industry and Development on Wednesday posted a 47% year-on-year loss decline during the full-year 2018.  

The Saudi Arabia-based firm’s net losses retreated to SAR 26.5 million ($7.07 million) last year, compared to SAR 50.12 million ($13.37 million) in 2017, according to initial data published on the Saudi Stock Exchange (Tadawul).

The 2018 net loss drop was ascribed to higher sales, coupled with lower costs.

During the fourth quarter of 2018, the company’s losses fell to SAR 17.8 million from SAR 36.4 million in the prior-year period.

As for Q3-18, Wafrah reported a 13% loss increase to SAR 9.3 million, registering SAR 8.69 million in the first nine months of last year.

By 10:12 am Saudi time, Wafrah’s stock went down 1.16% to SAR 15.30.