Riyadh – Mubasher: Al-Jouf Agricultural Development Company (JADCO) returned to profitability in 2020, gaining SAR 21.35 million in net profits, against net losses of SAR 20.8 million in 2019.

The turn to profits in 2020 was helped by an increase in gross profit, leading to a higher operating profit, according to a bourse filing on Monday.

In addition, the company realised net gains of SAR 25.46 million from the ownership of the revived land.  

The company’s revenue reached SAR 223.2 million in 2020, down by 0.55% when compared to a year earlier.