Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) reported a 38.6% year-on-year loss increase during the first quarter of 2019, recording SAR 5.24 million.

Despite the increase in the Jazadco’s sales, the growth in the cost of sales and the distribution expenses boosted losses, the company said in a statement.

Accumulated loss reached SAR 14.82 million, which make up 2.96% of the Tadawul-listed company’s capital.

Sales surged 67.06% to SAR 16.66 million from January to the end of March, against SAR 9.97 million a year earlier.