National Agricultural Development Co. (NADEC) turned to a net loss after Zakat and tax of SAR 285 million in 2021, against a net profit after Zakat and tax of SAR 35.7 million a year earlier.
The loss was attributed to a 3.39% year-on-year (YoY) decline in revenue as sales of the agricultural segment fell by 36.94% YoY, with the sales of dairy and food processing business also declining marginally by 0.84% YoY.
The cost of sales rose by 3.49% YoY. General and administrative expenses also rose by 31.18% YoY.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 2,303.06 | 2,272.33 | (1.3 %) |
| Gross Income | 725.84 | 630.84 | (13.1 %) |
| Operating Income | 64.14 | (6.32) | (109.8 %) |
| Net Income | 35.66 | (285.03) | (899.4 %) |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | 0.17 | (1.34) | (899.4 %) |
The company swung to a net loss after Zakat and tax of SAR 277.3 million for Q4 2021, against a net profit after Zakat and tax of SAR 69.27 million in the same quarter last year.
NADEC posted a net profit after Zakat and tax of SAR 3.21 million in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 548.62 | 571.86 | 4.2 % |
| Gross Income | 128.87 | 108.40 | (15.9 %) |
| Operating Income | (14.98) | (67.24) | (348.9 %) |
| Net Income | (69.27) | (277.26) | (300.3 %) |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | (0.33) | (1.30) | (300.3 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 610.76 | 571.86 | (6.4 %) |
| Gross Income | 180.66 | 108.40 | (40.0 %) |
| Operating Income | 24.74 | (67.24) | (371.8 %) |
| Net Income | 3.21 | (277.26) | (8726.6 %) |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | 0.02 | (1.30) | (8726.6 %) |
Shareholders’ equity, after minority interest, dropped 19.1% to SAR 1.195 billion in 2021, from SAR 1.478 billion in 2020.
Accumulated losses as of Dec. 31, 2021 reached SAR 30.11 million representing 2.96% from the company's paid-up capital of SAR 1.016 billion.
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