Riyadh – Mubasher: The net losses of Zamil Industrial Investment Co. widened by 17.7% year-on-year (YoY) during the second quarter (Q2) of 2020 as shown in the company's interim financials.

The Tadawul-listed company’s net loss after Zakat and tax rose to SAR 58.31 million in Q2-20, compared with SAR 49.6 million in Q2-19, according to a stock exchange filing on Tuesday.

Revenue registered SAR 754.16 million by the end of June 2020, an annual decline of 27.94% when compared to SAR 1.046 billion.

The increase in losses was driven by a reduction in sales across all sectors, coupled with lower gross and operating profit margins in the steel and insulation sectors.