By Mohammed Abu Meleeh
Riyadh-Mubasher: Tabuk Agricultural Development Co. (TADCO) posted SAR 1.7 million profit for Q4 2014, against SAR 19.9 million losses in Q4 2013. 
The company also reported SAR 7.25 million earnings for FY2014, versus SAR 14.8 million losses in the previous year.
TADCO ascribed Q4 profit to higher sales due to strong demand for grain and fodder products, in addition to decline in general and administrative expenses on the provisions set aside last year.
Grain and fodder sales increased by 99% in 2014, and these products represent 40% of the company’s revenue .
Chief Executive Saad Al Sawat told Mubasher in a phone call that strong sales were driven by inventory sale last year.
TADCO announced late last year that fodder prices deteriorated in the markets and it would not sell at such prices in anticipation of improvement in the markets.  
When asked about FY2013 dividends announced last November, Al Sawat said the check has not been cashed from the Grain Silos & Flour Mills Organization, adding that once the check is cashed, the dividend payout date will be unveiled. 
TADCO invests in the local bourse through funds and not a specific investment portfolio, the CEO said, noting that the value of these investment increases or decreases according to the market conditions. 
He also added that the company has subsidiaries which invest in the foreign stock markets.
Translated by Abdul Maguid Aboshahla 
Photo Credit: Arabianeye-Reuters