Riyadh – Mubasher: Tabuk Agricultural Development Company posted a 315.56% year-on-year hike in its losses for the first quarter of 2019.

Net losses after zakat and tax reached SAR 23.51 million in Q1-19, against SAR 5.65 million in Q1-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The company’s revenues retreated 59.3% to SAR 8.17 million during the three-month period ended March, from SAR 20.12 million in the same period of the prior year.

Losses per share (LPS) stood at SAR 0.52 in Q1-19, versus SAR 0.13 in the same period the year before.

In 2018, Tabuk Agricultural reported a 105% increase in losses, recording SAR 62.1 million.