Tabuk Agricultural loses 18 million riyals in Q2, 2024

Tabuk Agricultural Development Company recorded losses of 18 million riyals during the second quarter of 2024 compared to a loss of 8.8 million riyals in the same quarter of last year, an increase of 104%. This came after the announcement today of the estimated financial results for the period ending June 30, 2024 (6 months).

The operating loss amounted to 18.7 million riyals in the second quarter compared to 10.6 million riyals in the same quarter of the previous year, an increase of 76.5%.

The loss per share in the current period reached 0.70 riyals compared to 0.58 riyals in the same period of last year.

The company attributed the reason for the increase in net loss during the current quarter compared to the same quarter of the previous year to the exclusion of the revenues of one of the subsidiaries during the current quarter as a result of the loss of control over that company and the increase in the cost of revenues.

The increase in net loss during the current quarter compared to the previous quarter is due to the increase in cost of revenues, increase in selling and distribution expenses, and increase in provision for expected credit losses. The decrease in revenue during the current period compared to the same period of the previous year is due to the exclusion of revenues of one of the subsidiaries during the current period as a result of losing control over that company.