Riyadh – Mubasher: The net losses of Saudi Fisheries Company (Alasmak) plunged by 39.1% annually in the third quarter (Q3) of 2020 to stand at SAR 6.2 million.

The drop in losses was driven by a yearly growth of 56% in sales and an improvement in gross profits as sales costs fell. Moreover, financing costs slumped, according to a bourse statement on Thursday.

The company’s revenues amounted to SAR 9.637 million in the July-September period.

During the first nine months of the year, the losses widened by 2.5% annually to SAR 30.298 million.