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26-02-14

Saudi listed companies report USD3.679 b net losses

(MENAFN) 51 of Saudi listed firms reported a 33.9 percent rise in net loss reaching USD3.679 billion net loss in 2013 compared with USD2.746 billion in 2012, according to Arab News. The kingdom's telecom sector reported USD1.306 billion losses, accounting for 35 percent of the total losses. Construction and insurance sectors ranked second in total losses at 19 percent each. Bisha, Baha and Moijil companies reported highest accumulated losses with losses exceeding their capital by more than 100 percent.