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Tabuk Agricultural reports 88% decline in quarterly loss

Tabuk Agricultural reports 88% decline in quarterly loss
Revenue for the July-September period in 2020 amounted to SAR 47.4 million.
TADCO
6040
3.79% 41.10 1.50

Riyadh – Mubasher: Tabuk Agricultural Development Company on Tuesday reported an 88.6% annual plunge in third-quarter losses to SAR 6.233 million.

Revenue for the July-September period in 2020 amounted to SAR 47.4 million, down by 6.5% when compared to SAR 50.7 million in the year-ago period, according to a statement to the Saudi bourse. 

Meanwhile, the company saw a rise in financing costs a well as selling, marketing, administrative, and general expenses during the quarter, coupled with a drop in other net income. 

During the first nine months of the year, the company’s net losses shrank by 87.5% yearly to SAR 17.8 million.