Riyadh – Mubasher: Saudi Amiantit Group on Sunday reported a 151.6% year-on-year increase in losses during the full-year 2018.

The Saudi firm’s losses jumped to SAR 230.29 million last year from SAR 91.55 million in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

Meanwhile, revenues grew 19.6% to SAR 947.59 million in 2018, compared to SAR 792.34 million a year earlier.

The 2018 net loss growth was ascribed to the extraordinary provisions needed against short- and long-term receivables amounting to SAR 15.4 million, in line with the new international financial reporting standards (IFRS 9) requirements.

The Saudi group also incurred charges related to closing some of its plants, leading to suffering losses of SAR 16 million.

Total losses related to operations in the kingdom reached SAR 44.7 million out of SAR 133 million, excluding additional provisions.

During the fourth quarter of 2018, Saudi Amiantit Group’s net losses leapt 271.9% to SAR 138.55 million from SAR 37.25 million in the prior-year period.

At the end of Thursday’s trading session, the company's stock dropped 1.78% to SAR 6.63.