Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker Company reported an 85.6% year-on-year drop in its net losses for the third quarter of 2019, recording SAR 6.65 million.

Revenues of the Saudi firm jumped by 42.45% to SAR 247.8 million in Q3-19, compared to SAR 173.9 million in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

The company attributed the fall in losses to the increase in sales by 42.5%, in addition to the decrease in operating and other expenses by 5.6% over the quarter.

During the nine-month period ended September, net losses reached SAR 45.3 million, 56% lower than SAR 103 million in the same period of the prior year.

The company generated SAR 698.7 million in nine months, 16.2% higher than SAR 601 million in the corresponding period of 2018.

By the end of September, loss per share recorded SAR 67, compared to SAR 162 in September 2018.