Riyadh – Mubasher: The Saudi Industrial Development Company (SIDC) on Thursday announced a 141.67% year-on-year increase in its net losses during the third quarter of 2018, registering SAR 8.7 million from SAR 3.6 million.

SIDC attributed the third-qurater loss growth to a rise in operational losses that resulted from lower sales, coupled with higher operational expenses, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the Saudi firm's losses surged 569.2% durinf the three-month period ended September.

During the first nine months of 2018, the firm’s losses decreased by 25.2% year-on-year to 9.8 million, compared to SAR 13.1 million.

By 10:35 am Saudi time, SIDC’s stock fell 1.24% to SAR 7.94.