Riyadh - Mubasher: Al Jouf Agricultural Development posted a 74.77% rise in net profits in the fourth quarter of 2016 to SAR 34.36 million ($9.16 million) compared to SAR 19.66 million ($5.24 million) in Q4-15.

Profits also increased by 1.9% compared to the quarter before, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.

The growth in profits is a result of higher sales, and lower production costs due to larger quantities of some corps, which positively impacted the cost reduction, the statement indicated.

The company’s net profits in 2016 went up by 9.95% to SAR 100.17 million from SAR 91.1 million in 2015, it added.