Riyadh – Mubasher: Tabuk Agriculture Development Company (TADCO) on Monday said that its net losses increased 28.2% year-on-year in the third quarter of 2017.

Net losses reached SAR 14.44 million in Q3-17, compared to SAR 11.26 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, losses jumped 572.5%.

Saudi Arabia-based firm attributed the increase in its year-on-year losses to the rise in marketing expenses, Zakat’s provision, the losses of crops damage, and drop in other revenues.

At the level of the first nine months, the company’s net losses fell 14.4% to reach SAR 19.38 million, compared to SAR 22.64 million in the corresponding period in the year earlier.

By 12:46 pm KSA time, TADCO’s stock fell 4.19% to SAR 13.04.