Riyadh – Mubasher: The net losses of Tabuk Agricultural Development Company slumped by 90.19% in the second quarter (Q2) of 2020, reaching SAR 6.16 million, compared with SAR 62.75 million in the corresponding quarter a year earlier.
Revenue for Q2-20 stood at SAR 37.3 million, up 7.48% when compared to SAR 34.7 million in Q2-19, according to a stock exchange filing on Sunday.
The decline in the company's quarterly losses was driven by various factors, including higher sales volume and lower sales and financing costs, coupled with a rise in net other income.
During the first six months of the year, the company’s losses reached SAR 11.61 million, down 86.8% yearly.
