Tabuk’s board recommends gradual reduction of its 2013’s loss using its own reserves

The board of Tabuk Agriculture Development Co. recommended discussing next month amortization of the company’s 2013 losses from its own SAR 29.2 million reserves, the firm said in a statement.

Tabuk announced SAR 14.8 million, or SAR 0.74 a share, audited losses in 2013, after initially declaring SAR 3.3 million unaudited gains.

Tabuk Agriculture produces and sells farm products and seeds in Saudi Arabia. It owns about 35,000 hectares of land.