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.