Riyadh: Mubasher: The Saudi Printing and Packaging Co.’s losses soared by 345.93% in the second quarter of 2019, compared to the corresponding period last year.

The company’s net losses rose to SAR 13.69 million in Q2-19, compared to SAR 3.07 million in Q2-18, Saudi Printing said in a filing to the Saudi Stock Exchange (Tadawul) on Thursday.

The company attributed the increase in losses to lower revenues and higher financing costs.

During the first half of 2019, Saudi Printing’s losses deepened by 69% to SAR 36.71 million, compared to SAR 21.72 million in H1-18.

Noteworthy, in the first quarter of 2019, the company’s losses widened by 23.4% to SAR 23 million, compared to SAR 18.66 million in Q1-19.