The Tabuk Agricultural Development Company (Tabuk Agricultural) reduced its losses by 88.59% to reach 6.23 million riyals in the third quarter of this year, compared to 54.6 million riyals in The same quarter as last year.
According to Arabiya Net, the company's net losses increased by 1.2% in the third quarter of 2020, compared to losses of 6.2 million riyals in the second quarter of 2020.
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During the first nine months of this year, Tabuk agricultural net losses decreased by 87.5% to reach 17.8 million riyals, compared to losses of about 142.4 million riyals in the same period of Last year.
By the end of the first nine months of 2020, the company recorded accumulated losses of about 51.46 million riyals, equivalent to 21.3% of its capital of 241.77 million riyals.
In a statement on the Saudi Stock Exchange - Tadawul, today, Tuesday, the company attributed the reason for the decrease in losses to the decline in the cost of sales and the failure to record a decrease in the value of stocks and crops at the point of harvest and failure Recording a decrease in the value of capital projects, not registering a decrease in other receivables, recording a return from returning a decline in associates, a decrease in selling and marketing expenses, and a decrease in the Zakat calculated for the period.
