Riyadh – Mubasher: Wafrah for Industry and Development Company’s net losses for the third quarter (Q3) of 2020 rose by 51.5% yearly to stand at SAR 2.73 million.

The increase in quarterly loss was primarily attributed to higher sales costs, coupled with a hike in selling and marketing expenses, according to a bourse statement on Monday.

In addition, the company formed a provision for expected credit losses during the quarter, despite the upswing in sales.

Revenue for the July-September period was up by 7.9% on an annual basis to SAR 22.96 million.

In the first nine months of the year, the company’s losses widened by 112.3% yearly to SAR 2.1 million.