The financial statements of Tabuk Agricultural Development Company increased the losses of last year by 186.7% on an annual basis.
According to the results of the company for the Saudi market (Tadawul) today, last year’s losses amounted to 179.79 million riyals, compared to losses in 2018 of 62.71 million riyals.
The company said in a statement to the stock exchange that the increase in losses during the comparison years is due to recording a difference in the decrease in the inventory value as a result of the revaluation, and recording a difference in the decrease in the value of vital assets - sector Sheep, as a result of the revaluation.
The company also attributed the exacerbation of losses to recording provisions for a decrease in the value of capital projects, and creating a loan guarantee and liabilities provision in associate companies.
As well as recording falling losses in subsidiary and associate companies and investments in equity instruments, high financing costs, increased administrative expenses, and low sales volume despite the increase in other revenue during the year Reduced selling and marketing expenses.
The increase process also aims to structure the capital and inject new funds to support the expansion of the company's operational activities and raise its financial solvency and provide working capital that enables it to increase operating capacity and support its activities Future.
