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Tabuk Agricultural Reports Q2 Losses of 8.96M
Tbook Agricultural Development Company's losses decreased by 50.16% in the second quarter of 2026, amounting to 8.96 million riyals compared to a loss of 17.97 million riyals during the same period of the previous year. Revenues dropped by 93.99%, reaching 905,160 riyals, due to a decline in production and a restructuring of operations. The company has implemented a recovery and asset rehabilitation plan aimed at fully resuming activities by 2027, with a focus on diversifying income sources. Additionally, the results for the first half of the year showed a 16.40% reduction in losses. However, accumulated losses continued to stand at 324.33 million riyals, representing 82.79% of capital, amidst ongoing risks to continuity due to deteriorating financial position and liabilities exceeding assets. The Board of Directors is recommending a capital reduction of 80.47%, supported by the financial authority, to address accumulated losses. However, there are significant uncertainties regarding the company's ongoing viability.
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