Riyadh – Mubasher: Al Jouf Agricultural Development Company (JADCO) on Thursday posted a 62.44% decline in its net profits during the full-year 2017, compared to the prior year.

JADCO’s net profits stood at SAR 25.6 million last year, compared to SAR 68.15 million in 2016, according to a bourse filing to the Saudi Stock Exchange (Tadawul).

The Saudi Arabia- based firm attributed the drop in the annual profits to a decrease in sales’ volume, as well as the rise of their cost.

The company’s total sales fell 19.62% to SAR 35.6 million in 2017, compared to SAR 380.2 million in the previous year.

JADCO’s stock inched down 0.58%, closing Thursday at SAR 30.80.