Al-Jouf Agricultural profits down 19% in 2021

Al-Jouf Agricultural Development Co. reported a net profit decline (after zakat and tax) of 19% to SR 17 million in 2021 from SR 21 million a year earlier.

According to the company’s financial result statement published on Tadawul, operational profit hiked by 145% to SR 20 million from SR 8 million in 2020.

It disclosed a gross profit rise by 7% to SR 68 million in 2021 from SR 64 million, while profit per share (EPS) decreased to SR 0.58 in 2021 from SR 0.71 a year earlier.

The 2021 higher profit was due to recognized net gain of SR 25.46 million resulting from the ownership of the revived land in 2020, which comes despite sales increase during the current year of SR 89 million, a decrease in general/administrative cost and a decrease in selling/distribution cost.