Riyadh – Mubasher: Saudi Ceramic Company on Wednesday reported a 127.3% year-on-year increase in losses during the full-year 2018.

The Saudi firm’s net losses, after zakat and taxes, amounted to SAR 220.6 million ($58.83 million) last year from SAR 97.05 million ($25.88 million) in 2017, according to the company’s financial results published on the Saudi Stock Exchange (Tadawul).

Revenues fell 9.8% to SAR 1.03 billion in 2018, compared to SAR 1.14 billion in the prior year, pressured by lower prices and demand, dumping of Chinese and Indian products, and higher sales costs.

The 2018 net loss growth was attributed to the price hikes of raw materials, coupled with higher marketing, general, and administrative expenses.

During the fourth quarter of 2018, the company’s losses grew 35.1% to SAR 84.81 million, compared to SAR 62.77 million in the prior-year period, according to statistics conducted by Mubasher.

Over the course of the first nine months of 2018, Saudi Ceramic’s net losses, after zakat and taxes, leapt 296%, logging SAR 135.79 million from SAR 34.29 million in the corresponding period a year earlier.

By 11:33 am Saudi time, Saudi Ceramic’s stock fell 1.57% to SAR 20.