Riyadh – Mubasher: Saudi Arabia-based Al Jouf Agricultural Development Company (JADCO) on Wednesday turned to loss in the first quarter of 2018, against posting profits in the prior-year- period.
JADCO suffered a net loss of SAR 23.96 million during the three-month period ended March 2018, against a profit of SAR 8.11 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed company attributed the negative turn in its financials to a 13.61% or SAR 6.56 million decrease in sales, the fall of other net revenues by SAR 1.17 million, in addition to a SAR 243 million growth in administrative and general expenses.
JADCO also ascribed the losses to a 135.8% rise in sales costs in Q1-18, up from 72.5% in the year-ago period.
Sales tumbled 13.6% to SAR 41.64 million in the first three months of 2018, compared to SAR 48.2 million during in the comparative period of 2017.
The firm’s losses increased by 1,136.7% from SAR 1.69 million during Q4-17.
By 10:29 am KSA time, JADCO’s stock fell 3.05%, reaching SAR 27.
