Riyadh – Mubasher: Al Jouf Agricultural Development Company (JADCO) on Monday said that its net profits decreased by 66.37% year-on-year in the second quarter of 2017.
Profits amounted to SAR 7.71 million in Q2-17, compared to SAR 22.93 million in Q2-17.
Quarter-on-quarter, profits declined 4.94%, according to a company statement to the Saudi Stock Exchange (Tadawul).
The Saudi agricultural development firm attributed the decline in its net profits to lower sales, the increase in capital losses, and the sales’ cost growth.
Sales levelled down 9.87% to SAR 67.2 million in Q2-17, from SAR 74.6 million in the same period in the year earlier.
At level of the first six months of 2017, the company’s net profits slid 50.15% to reach SAR 15.82 million, compared to SAR 31.74 million in H1-16.
Sales went down 11.82% to SAR 115.4 million in H1-17, from SAR 130.88 million in the corresponding period in the year before.
By 10:50 am Saudi time, the stock tumbled 1.97% to SAR 28.40.
