Riyadh – Mubasher: Al Jouf Agricultural Development Company (JADCO) on Wednesday stated its net profits retreated 65.12% year-on-year in the third quarter of 2017.

Net profits reached SAR 11.47 million in Q3-17, compared to SAR 32.89 million in Q3-16, according to a bourse statement.

Quarter-on-quarter, profits jumped 48.78%.

Saudi Arabia-based agricultural firm attributed the drop in its year-on-year net profits to sales’ decline by SAR 6.81 million, and an increase of SAR 17.19 million in sales’ cost.

The company’s net profits plunged 57.77% to SAR 27.29 million in the first nine months of 2017, from SAR 64.6 million in the same period in the year before.

By 2:50 pm KSA time, JADCO’s stock rose 1.09% to SAR 26.