Riyadh – Mubasher: Saudi Paper Manufacturing Company (SPMC) on Sunday reported a 139.5% year-on-year loss increase in 2018.

The Saudi firm’s amounted to SAR 115 million last year, compared to SAR 48 million in 2017, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The 2018 net loss growth was ascribed to the increase in raw material prices, along with a drop in the value of assets.

During the fourth quarter of 2018, SPMC’s net losses hiked to SAR 62.3 million from SAR 34.68 million in the corresponding period a year earlier, according to statistics conducted by Mubasher. 

The Saudi firm’s accumulated losses rose to SAR 103.9 million, representing 42.4% of the company’s shares.

As for Q3-18, SPMC’s losses increased to SAR 37.3 million, logging SAR 52.6 million in the first nine months of last year.