Al Watania Metal Manufacturing and Casting Co. (Metal) recorded losses of 65 million riyals in 2019, compared to profits of 4.53 million riyals in 2018.
According to ArabiaNet, the company said, in a statement to the Saudi market, that losses are due to lower sales as a result of declining demand for the company's products, especially in the markets of the Gulf Cooperation Council countries, as well as lower sales of pre-tensioned wire product in the United States market compared to the previous year.
The losses were also attributed to the increase in other expenses as a result of recording a decrease in the value of 40.1 million riyals per month, as well as lower other income and higher financing costs.
