Riyadh – Mubasher: Saudi Arabia-based Al Hassan Ghazi Ibrahim Shaker Co on Wednesday said that it swung to a loss during the full-year 2017, against posting profits in the previous year.
Shaker Co incurred loss worth SAR 171.04 million last year, against generating SAR 48.82 million in profits during 2016, according to a statement to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed firm attributed the last year loss to a 37.2% decline in sales, in addition to a drop of SAR 3.6 million in the firm's stake in associate companies.
Shaker Co also ascribed the loss to an increase in sales cost, a growth in other expenses by SAR 38 million, and a rise in financing costs by SAR 3.7 million.
The company’s revenues tumbled 37.2% to SAR 1.04 billion in 2017, down from SAR 1.65 billion in the previous year.
The stock inched down 0.27%, closing Tuesday at SAR 11.16.
