Riyadh – Mubasher: Al-Jouf Agricultural Development Company posted a 919.9% surge in profits over the second quarter (Q2) of 2020 at SAR 11.9 million from SAR 1.2 million in the prior-year period.

This increase was primarily boosted by higher sales and profit margin, despite the rise in other expenses, according to a bourse filing on Thursday.

Revenue for the April-June period of the year amounted to SAR 71.97 million, a jump of 61% when compared to SAR 44.7 million in the same period in 2019.

In the first half (H1), the profits registered SAR 18.4 million, up 139.4% from SAR 7.7 million in H1-19.

Moreover, the Board of Directors approved a cash dividends distribution of SAR 15 million to shareholders for H1-20, equivalent to SAR 0.5 per share or 5% of the share’s par value.

Eligibility of dividends will be to the shareholders at the end of the maturity date scheduled on 27 August 2020, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date.