Riyadh – Mubasher: Tabuk Agricultural Development logged SAR 4.16 million losses ($1.1 million) during the second quarter of 2016 against SAR 0.178 million profits for the year-ago quarter, according to a bourse filing.

The company attributed Q2 losses to lower sales volume and higher sales cost in first place, the bourse filing indicated. 

In addition, the increase in marketing expenses and the periodical zakat played a role in Q2 losses in spite of low general administrative expenses and higher revenues.

Over the first quarter, the company lost SAR 3.7 million versus SAR 4.52 million earnings for the year-ago quarter.

On a six-month basis, the company suffered SAR 7.8 million losses in the first half of 2016, against SAR 4.7 million profits registered in the first half of 2015.