Riyadh – Mubasher: Tabuk Agricultural Development Company has recorded SAR 5.9 million in net losses after Zakat and tax for the first quarter (Q1) of 2020, down by 74.7% from SAR 23.5 million in Q1-19.
Revenues reached SAR 15.6 million in Q1-20, compared with SAR 8.1 million in Q1-19, posting a 91.4% annual rise, according to a bourse statement on Sunday.
The decrease in net losses resulted from higher sales volume, lower sales costs, lower selling and distribution expenses, and recording a gross profit for the period.
Over fiscal year (FY) 2019, Tabuk Agriculture reported a rise in net losses by 186.68% to SAR 179.77 million, compared with SAR 62.71 million in 2018.
