Riyadh – Mubasher: Al Jouf Agricultural Development posted its financial statements for the fourth quarter of 2015, showing that net profit reached SAR 19.6 million, compared with SAR 37 million in in the prior-year period, down 47% year-on-year.
Meanwhile, the twelve-month net profit dropped by 14% to SAR 92 million against SAR 107 million in 2014.
The company attributed this year-on-year drop in Q4 profits to the cost of sale that rose SAR 26.84 million (45.72%).
Moreover, the profit decline in FY15 was ascribed to the increase in cost of sale to SAR 30.11 million (15.17%).
