National Agricultural Development Co. (NADEC) reported an over twofold increase in Q1 2023 net profit to SAR 37.7 million, from SAR 15.1 million in the prior-year period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 613.53 | 749.41 | 22.1 % |
| Gross Income | 191.19 | 278.15 | 45.5 % |
| Operating Income | 34.98 | 65.84 | 88.2 % |
| Net Income | 15.12 | 37.69 | 149.2 % |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | 0.07 | 0.18 | 149.2 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 670.30 | 749.41 | 11.8 % |
| Gross Income | 205.39 | 278.15 | 35.4 % |
| Operating Income | 38.17 | 65.84 | 72.5 % |
| Net Income | 25.12 | 37.69 | 50.0 % |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | 0.12 | 0.18 | 50.0 % |
The profit surge was spurred by revenue, which increased by 22.15% year-on-year (YoY), mainly on account of a rise of 26.84% YoY in the dairy and food processing sales. However, this was partially offset by a decrease in sales of agricultural segment.
The cost of sales to revenue ratio declined in Q1 2023 by 5.95% YoY on better sales and lower animal feed prices.
Gross profit leapfrogged 45.49% YoY.
Operating profit skyrocketed 124.03% YoY, thanks to higher sales and a decline in the cost of sales to revenue ratio.
The quarterly profit, however, was offset by an increase of 12.9% YoY in selling and marketing expenses, and a rise of 15.57% YoY in general and administrative expenses.
Compared to Q4 2022, the company’s net profit jumped 50% from SAR 25.1 million.
Total shareholders’ equity, no minority interest, grew by 10% to SAR 1.33 billion as of March 31, 2023, from SAR 1.21 billion a year earlier.
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