|11 November, 2019

Alasmak’s Q3 losses deepen

Higher losses were attributed to the increase in general and administrative expenses

Riyadh – Mubasher: Saudi Fisheries Company (Alasmak) reported a 16% year-on-year rise in its losses during the third quarter of 2019.

Alasmak incurred net losses after zakat and taxes of SAR 10.13 million during the three-month period ended 30 September, compared to SAR 8.73 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Higher losses were attributed to the increase in general and administrative expenses due to the company’s restructuring as well as the rise in financing costs, offsetting a 64.5% increase in sales.

As for the first nine months of 2019, Alasmak’s net losses widened to SAR 29.6 million from SAR 21.5 million in the corresponding period a year earlier.

Source: Mubasher

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