Riyadh – Mubasher: The net losses of Saudi Fisheries Company (Alasmak) widened by 36.9% on an annual basis in 2020 to stand at SAR 45.2 million.

Alasmak attributed the hike in its annual losses to a rise in fishing fleet expenses by SAR 1.5 million and an increase in Zakat expense and farm expenses, according to a bourse disclosure on Thursday.

In addition, it incurred expenses of SAR 4.2 million for its capital increase process.

Moreover, the firm’s revenues jumped by 61.7% annually last year to SAR 40.9 million.