Riyadh – Mubasher: Al Jouf Agricultural Development Company reported its initial financial results for the second quarter of 2019.

Net profits after zakat and tax fell by 95.5% to SAR 1.16 million in Q2-19, compared to SAR 26.05 million in Q2-18, according to the firm’s recent statement to the Saudi Stock Exchange (Tadawul).

The company attributed the decline in profits to the fall in sales.

Total revenues decreased by 44% to SAR 44.6 million in Q2-19, from SAR 79.9 million in the corresponding period a year ago.

For the first six months of 2019, net profits of the agricultural firm soared by 266.7% to SAR 7.69 million, from SAR 2.09 million in H1-18.

Revenues of the Saudi-based firm went down 22.4% to SAR 94.3 million in H1-19, versus SAR 121.5 million in the same period of the previous year.