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Saudi Shaker’s loss rises 15% in 2018

Saudi Shaker’s loss rises 15% in 2018
Shaker’s losses grew 9.9% year-on-year in Q4-18
-0.39% 15.28 -0.06

Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker Company (Shaker) reported a 14.9% year-on-year loss increase in 2018.

The Saudi-based firm’s losses amounted to SAR 197.42 million ($52.64 million) last year, compared to SAR 169.79 million ($45.27 million) in 2017, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The 2018 loss growth was attributed to the 25.5% retreat in sales due to lower demand, leading to a 43.9% drop in gross profit.

The increase in net losses was also ascribed to a provision of SAR 30 million allocated to a stock sell-off, in line with the Saudi Standards, Metrology and Quality Organization’s (SASO) regulations.

During the fourth quarter of 2018, Shaker’s losses grew 9.9% to SAR 94.42 million from SAR 85.88 million in the corresponding period a year earlier.