Riyadh - Mubasher: Tabuk Agriculture Development Company (TADCO) reported a decline in net losses by 53.5% year-on-year during the second quarter of 2017, according to a bourse filing.

The company’s financial statements also showed a 42.6% decrease in losses quarter-on-quarter.

Losses reached SAR 2.15 million in Q2-17, compared to SAR 4.61 million in the same period last year, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Monday.

The company attributed the drop in losses to lower sales and marketing costa, an increase in investments returns, as well as a decline in Zakat provisions, despite a slight decline in sales volumes and an increase in general and administrative costs and a retreat in other revenues.

Tabuk Agricultural Development also posted a 48.3% decrease in losses in the first half of the year, compared to the first six months of 2016, as losses amounted to SAR 5.89 million in H1-17 down from SAR 11.39 million in H1-16.