By: Thabet Shehata
Riyadh – Mubasher: The Saudi agriculture sector's net profits fell 9% year-on-year to SAR 1.16 billion ($309 million) in the second quarter of 2016 from SAR 1.27 billion ($339.6 million).
The agriculture companies' net profits retreated 21.85% to SAR 2.8 billion in the first half of 2016 from SAR 2.3 billion in the year-ago period, according to Mubasher statistics.
Operating profits levelled down 22.56% to SAR 1.05 billion in Q2-16 and decreased 5% to SAR 2.4 billion in H1-15.
Al Marai recorded the highest profits in the sector in the second quarter and first half of 2016.
The company's net profits rose 18.6% year-on-year to SAR 628.8 million in Q2-16, while it earned SAR 937.3 million in the first six months of 2016, adding 12% compared to H1-15.
The Savola Group posted a 43.2% decrease in profits in Q2-16 as compared to the same period in 2015, while its net profits declined 62.5% to SAR 339.6 million in H1-16.
The net profits of the two companies, Al Marai and Savola, reached SAR 875.5 million in Q2-16, which represent 75.6% of total sector's net profits.
Eleven among the sector's companies posted net profits in Q2-16 against four losing companies led by Saudi Fisheries Company (Al Asmak) achieving the highest losses.
Translated by: Sara Ghali
