Mubasher: Sokouk Holding Company on Sunday reported a 55.1% year-on-year rise in losses during the fourth quarter of 2018.

Sokouk Holding’s losses amounted to KWD 8.61 million ($28.4 million) in Q4-18, compared to KWD 5.55 million ($18.3 million), according to a bourse filing.

From January to December 2018, the firm’s losses increased by 184.2% to KWD 14.52 million, from KWD 5.11 million a year earlier.

The large rise in 2018 losses was attributed to settling a tax claim with the Saudi General Authority of Zakat and Tax (GAZT), and growth in losses of associate companies.