National Agricultural Development Co.’s ( Nadec ) second-quarter net profit (SAR 35.1 million) topped Alistithmar Capital’s forecast by 5.7 percent, the brokerage firm said in a report.
Nadec’s profit was said to have been bolstered by higher sales across its dairy, food processing and agricultural segments. Lower sales costs also benefited the firm during the quarter, when compared to Q2-2014.
The investment arm of Saudi Investment Bank recommended a “neutral” rating on the stock and set its target price at SAR 37.
On Sunday, the Saudi dairy producer reported a 25 percent increase in Q2-2015 net profit, when compared to the same period last year. H1-2015 net profit rose 16 percent year-on-year to SAR 61.3 million.
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