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Tabuk Agric Losses Drop to 8.96M Riyals
Tabuk Agricultural Development Company achieved a significant decrease in its losses during the second quarter of 2026. Net losses declined by 50.16% to reach 8.96 million SAR, compared to 17.97 million SAR during the same period last year. This was due to a reduction in revenue costs and gross losses, as well as a decrease in selling, distribution, and administrative expenses, the reversal of some provisions for credit losses, and higher other income. Despite this, revenues dropped by 93.99% to 905,160 SAR, primarily due to reduced agricultural production and operational restructuring. The company has decided to work on asset rehabilitation and gradually resume activities starting in 2027, with a plan to reduce its accumulated losses, which amount to 324.33 million SAR. It also recommends an 80.47% reduction in share capital due to the worsening financial situation and ongoing long-term losses.
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