RIYADH: Al-Jouf Agricultural Development Co.'s shares dropped 0.77 percent, despite seeing its profits jump 203 percent during the first half of 2022 driven by higher sales and profit margins.
The Saudi-listed company boosted its profit to SR22 million ($6 million) in the first half of this year, up from SR7 million for the same period a year ago, according to a bourse filing.
The company's revenue increased to SR124 million from SR117 million for the same period last year.
In line with the profit, Al-Jouf Agricultural said it will distribute cash dividends of SR0.5 per share to shareholders for the first half of 2022.
Founded in 1988, Al-Jouf Agricultural Development Co. is engaged in the production of strategic agricultural crops such as wheat, potatoes and onions.
