Riyadh – Mubasher: Al-Jouf Agricultural Development Company returned to profitability in the third quarter (Q3) of 2020, generating SAR 7.6 million in net profits, against net losses of SAR 6.4 million in the same quarter in 2019.

The move to profit came despite the lower sales and higher selling, distribution, administrative, and general expenses, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Monday.

Revenues for Q3-20 decreased by 26.8% on an annual basis, reaching SAR 49.1 million.

During the period from January to September, the Saudi company’s profit grew by 1,965% yearly to SAR 26.1 million.