Riyadh – Mubasher: The net losses of Saudi Arabian Amiantit Company widened by 225.2% year-on-year (YoY) in the first quarter (Q1) ended on 31 March 2020, reaching SAR 131.3 million from SAR 40.37 million in Q1-19.

Revenues declined by 30.4% YoY by the end of March 2020, standing at SAR 162 million when compared to SAR 233 million, according to a stock exchange statement on Sunday.

The aforementioned results capture the continued losses attributable to the decline in sales and sales prices due to stiff competition and higher manufacturing cost.

Last year, Saudi Amiantit suffered 45% higher net losses at SAR 338.47 million, compared to SAR 233.53 million in 2018.