Riyadh – Mubasher: Saudi Arabia’s Al Jouf Agricultural Development Company (JADCO) on Wednesday reported a 40% year-on-year increase in profits during the full-year 2018.

JADCO’s net profits after calculating Zakat and Tax amounted to SAR 35.76 million ($9.53 million) last year, up from SAR 25.60 million ($6.82 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the 2018 profit jump to higher olive oil and alfalfa sales.

Sales levelled up 17.45% to SAR 358.93 million from January to December 2018, compared to SAR 305.62 million in 2017.

Operational profits surged 63% to SAR 49.55 million last year, from SAR 30.42 million in the prior year.

The value of total shareholders’ equity, after excluding the minority interest, rose 1.31% to SAR 694.18 million in 2018, from SAR 685.23 million in the previous year.

Earnings per share (EPS) amounted to SAR 1.19 last year, up from 85 halalas in 2017.

JADCO’s stock levelled down 0.72% to close Wednesday’s trading session at SAR 22.20.