Saudi Tabuk Agricultural extends losses by 654% on higher costs

RIYADH: Tabuk Agricultural Development Co. has widened losses by 654 percent in the first quarter of 2022 owing to an increase in costs.

The company’s net losses widened to SR10 million ($3 million) during the first quarter, compared to SR1.34 million in the same period last year, according to a bourse filing.

This rise in losses was caused by a higher cost of sales and general expenses, a higher share of losses suffered by associates, and increasing zakat provision. 

Tabuk Agriculture is one of the leading agricultural companies in the Middle East and North Africa. It manages its operations regionally from Tabuk city of Saudi Arabia.