NADEC profit slumps 65% to SAR 6.4 mln in Q1 2021

28/04/2021 Argaam Exclusive

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National Agricultural Development Co. (NADEC) reported a net profit after Zakat and tax of SAR 6.4 million for the first quarter of 2021, a tumble of 65% from SAR 18.2 million in prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2020	Q1 2021	Change‬
Revenues	559.15	540.96	(3.3 %)
Gross Income	202.47	174.60	(13.8 %)
Operating Income	36.07	24.66	(31.6 %)
Net Income	18.19	6.37	(65.0 %)
Average Shares	212.89	212.89	-
EPS (Riyals)	0.09	0.03	(65.0 %)

Item	Q4 2020	Q1 2021	Change‬
Revenues	548.62	540.96	(1.4 %)
Gross Income	128.87	174.60	35.5 %
Operating Income	(14.98)	24.66	264.6 %
Net Income	(69.27)	6.37	109.2 %
Average Shares	212.89	212.89	-
EPS (Riyals)	(0.33)	0.03	109.2 %

The lower profit was attributed to a decline in revenue, along with an increase in the cost of sales, as well as general and administrative expenses.

Other expenses also saw an increase of SAR 5.06 million in the current quarter, compared to Q1 2020, due to higher loss on sales of biological assets and increase in foreign exchange losses.

When compared to Q4 2020, NADEC swung to profitability from a net loss after Zakat and tax of SAR 69.2 million.

Shareholders’ equity, excluding minority interest, grew by 1.78% to SAR 1.484 billion by the end of Q1 2021, compared to SAR 1.458 billion in the year-ago period.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2012	368.00	6.4 %	139.45	13.1 %	21.48	4.6 %	0.10
Q2 2012	489.99	13.9 %	167.58	22.1 %	27.21	39.6 %	0.13
Q3 2012	456.77	12.6 %	180.18	18.9 %	32.67	8.7 %	0.15
Q4 2012	412.72	9.8 %	149.34	8.4 %	14.30	(32.5 %)	0.07
2012	1,727.47	10.9 %	636.54	15.8 %	95.66	4.8 %	0.45
Q1 2013	424.48	15.3 %	161.86	16.1 %	22.35	4.0 %	0.10
Q2 2013	543.00	10.8 %	184.49	10.1 %	30.00	10.3 %	0.14
Q3 2013	512.17	12.1 %	189.43	5.1 %	33.02	1.1 %	0.16
Q4 2013	448.44	8.7 %	168.89	13.1 %	14.81	3.6 %	0.07
2013	1,928.09	11.6 %	704.67	10.7 %	100.18	4.7 %	0.47
Q1 2014	484.04	14.0 %	181.66	12.2 %	24.77	10.9 %	0.12
Q2 2014	575.64	6.0 %	209.51	13.6 %	28.00	(6.7 %)	0.13
Q3 2014	504.62	(1.5 %)	202.12	6.7 %	34.41	4.2 %	0.16
Q4 2014	508.06	13.3 %	181.69	7.6 %	20.02	35.2 %	0.09
2014	2,072.36	7.5 %	774.97	10.0 %	107.20	7.0 %	0.50
Q1 2015	534.41	10.4 %	201.91	11.2 %	26.16	5.6 %	0.12
Q2 2015	689.65	19.8 %	258.42	23.3 %	35.10	25.4 %	0.16
Q3 2015	566.66	12.3 %	241.42	19.4 %	45.69	32.8 %	0.21
Q4 2015	553.18	8.9 %	248.35	36.7 %	34.37	71.7 %	0.16
2015	2,328.59	12.4 %	942.56	21.6 %	141.32	31.8 %	0.66
Q1 2016	509.36	(4.7 %)	202.88	0.5 %	23.75	(9.2 %)	0.11
Q2 2016	638.59	(7.4 %)	245.44	(5.0 %)	35.57	1.3 %	0.17
Q3 2016	550.24	(2.9 %)	203.74	(15.6 %)	28.65	(37.3 %)	0.13
Q4 2016	478.32	(13.5 %)	186.58	(24.9 %)	6.26	(81.8 %)	0.03
2016	2,176.49	(6.5 %)	837.86	(11.1 %)	94.23	(33.3 %)	0.44
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-
Q1 2018	474.09	-	162.54	-	(5.02)	-	(0.02)
Q2 2018	559.72	-	212.38	-	19.51	-	0.09
Q3 2018	574.71	-	221.26	-	35.13	-	0.17
Q4 2018	487.52	-	178.90	-	(47.88)	-	(0.22)
2018	2,096.03	-	775.08	-	1.74	-	0.01
Q1 2019	530.47	11.9 %	203.27	25.1 %	(3.67)	26.9 %	(0.02)
Q2 2019	604.19	7.9 %	227.57	7.2 %	7.07	(63.8 %)	0.03
Q3 2019	578.45	0.7 %	218.31	(1.3 %)	49.32	40.4 %	0.23
Q4 2019	512.15	5.1 %	195.44	9.2 %	(60.01)	(25.3 %)	(0.28)
2019	2,225.26	6.2 %	844.60	9.0 %	(7.30)	(518.9 %)	(0.03)
Q1 2020	559.15	5.4 %	202.47	(0.4 %)	18.19	595.3 %	0.09
Q2 2020	608.06	0.6 %	211.64	(7.0 %)	131.63	1763.1 %	0.62
Q3 2020	587.23	1.5 %	182.87	(16.2 %)	(44.89)	(191.0 %)	(0.21)
Q4 2020	548.62	7.1 %	128.87	(34.1 %)	(69.27)	(15.4 %)	(0.33)
2020	2,303.06	3.5 %	725.84	(14.1 %)	35.66	588.6 %	0.17
Q1 2021	540.96	(3.3 %)	174.60	(13.8 %)	6.37	(65.0 %)	0.03

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2011	1,557.66	7.6 %	549.85	14.9 %	91.28	772.5 %	0.43
2012	1,727.47	10.9 %	636.54	15.8 %	95.66	4.8 %	0.45
2013	1,928.09	11.6 %	704.67	10.7 %	100.18	4.7 %	0.47
2014	2,072.36	7.5 %	774.97	10.0 %	107.20	7.0 %	0.50
2015	2,328.59	12.4 %	942.56	21.6 %	141.32	31.8 %	0.66
2016	2,176.49	(6.5 %)	837.86	(11.1 %)	94.23	(33.3 %)	0.44
2017	-	-	-	-	-	-	-
2018	2,096.03	-	775.08	-	1.74	-	0.01
2019	2,225.26	6.2 %	844.60	9.0 %	(7.30)	(518.9 %)	(0.03)
2020	2,303.06	3.5 %	725.84	(14.1 %)	35.66	588.6 %	0.17

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	35.83 %	18.67 %	5.19 %
Q2 2012	36.37 %	18.81 %	5.59 %
Q3 2012	36.97 %	18.74 %	5.61 %
Q4 2012	36.85 %	17.78 %	5.02 %
2012	36.85 %	17.78 %	5.02 %
Q1 2013	36.94 %	17.69 %	5.05 %
Q2 2013	36.79 %	17.39 %	4.85 %
Q3 2013	36.20 %	17.13 %	4.65 %
Q4 2013	36.55 %	17.30 %	4.79 %
2013	36.55 %	17.30 %	4.79 %
Q1 2014	36.45 %	17.46 %	4.88 %
Q2 2014	37.10 %	17.35 %	4.92 %
Q3 2014	37.87 %	17.98 %	5.14 %
Q4 2014	37.40 %	18.12 %	5.17 %
2014	37.40 %	18.12 %	5.17 %
Q1 2015	37.46 %	18.15 %	5.12 %
Q2 2015	37.74 %	18.33 %	5.17 %
Q3 2015	38.43 %	18.61 %	5.52 %
Q4 2015	40.54 %	19.28 %	6.20 %
2015	40.48 %	18.76 %	6.24 %
Q1 2016	41.01 %	20.08 %	6.24 %
Q2 2016	41.37 %	21.22 %	6.55 %
Q3 2016	39.99 %	21.73 %	6.06 %
Q4 2016	38.53 %	22.08 %	5.30 %
2016	38.50 %	21.99 %	5.30 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	35.08 %	19.38 %	0.04 %
Q2 2018	35.88 %	19.59 %	0.82 %
Q3 2018	36.80 %	19.85 %	2.03 %
Q4 2018	36.98 %	19.22 %	2.60 %
2018	36.98 %	19.22 %	2.60 %
Q1 2019	37.90 %	19.55 %	3.56 %
Q2 2019	37.83 %	19.83 %	4.04 %
Q3 2019	37.63 %	19.99 %	4.57 %
Q4 2019	37.96 %	21.11 %	5.20 %
2019	37.96 %	21.11 %	5.20 %
Q1 2020	37.44 %	20.91 %	5.18 %
Q2 2020	36.67 %	20.23 %	4.65 %
Q3 2020	34.96 %	17.94 %	2.51 %
Q4 2020	31.52 %	15.49 %	1.09 %
2020	31.52 %	15.49 %	1.09 %
Q1 2021	30.55 %	14.84 %	0.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	35.30 %	19.08 %	5.43 %
2012	36.85 %	17.78 %	5.02 %
2013	36.55 %	17.30 %	4.79 %
2014	37.40 %	18.12 %	5.17 %
2015	40.48 %	18.76 %	6.24 %
2016	38.50 %	21.99 %	5.30 %
2017	-	-	-
2018	36.98 %	19.22 %	2.60 %
2019	37.96 %	21.11 %	5.20 %
2020	31.52 %	15.49 %	1.09 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	37.89 %	18.29 %	4.55 %
Q2 2012	34.20 %	16.90 %	5.44 %
Q3 2012	39.45 %	19.46 %	6.92 %
Q4 2012	36.18 %	16.49 %	2.84 %
Q1 2013	38.13 %	17.87 %	4.75 %
Q2 2013	33.98 %	15.95 %	4.73 %
Q3 2013	36.99 %	18.29 %	5.93 %
Q4 2013	37.66 %	17.27 %	3.63 %
Q1 2014	37.53 %	18.46 %	5.12 %
Q2 2014	36.40 %	15.64 %	4.86 %
Q3 2014	40.06 %	20.84 %	6.82 %
Q4 2014	35.76 %	17.91 %	3.94 %
Q1 2015	37.78 %	18.55 %	4.90 %
Q2 2015	37.47 %	16.63 %	5.09 %
Q3 2015	42.60 %	21.70 %	8.06 %
Q4 2015	44.89 %	20.81 %	6.93 %
Q1 2016	39.83 %	22.15 %	5.03 %
Q2 2016	38.43 %	20.40 %	6.11 %
Q3 2016	37.03 %	23.81 %	6.09 %
Q4 2016	39.01 %	22.24 %	3.58 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	34.28 %	19.22 %	(1.06 %)
Q2 2018	37.95 %	19.06 %	3.49 %
Q3 2018	38.50 %	22.24 %	6.11 %
Q4 2018	36.70 %	15.85 %	0.98 %
Q1 2019	38.32 %	20.56 %	3.22 %
Q2 2019	37.67 %	20.09 %	5.26 %
Q3 2019	37.74 %	22.84 %	8.12 %
Q4 2019	38.16 %	20.91 %	3.86 %
Q1 2020	36.21 %	19.78 %	3.25 %
Q2 2020	34.81 %	17.57 %	3.29 %
Q3 2020	31.14 %	13.96 %	(0.17 %)
Q4 2020	23.49 %	10.44 %	(2.19 %)
Q1 2021	32.28 %	17.20 %	1.18 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	212.89	0.43	0.38	4.88
Q2 2012	212.89	0.47	0.43	5.01
Q3 2012	212.89	0.48	0.45	5.02
Q4 2012	212.89	0.45	0.41	5.09
Q1 2013	212.89	0.45	0.42	5.19
Q2 2013	212.89	0.47	0.42	5.19
Q3 2013	212.89	0.47	0.41	5.34
Q4 2013	212.89	0.47	0.43	5.41
Q1 2014	212.89	0.48	0.46	5.53
Q2 2014	212.89	0.47	0.47	5.66
Q3 2014	212.89	0.48	0.49	5.82
Q4 2014	212.89	0.50	0.50	5.91
Q1 2015	212.89	0.51	0.51	5.87
Q2 2015	212.89	0.54	0.54	6.03
Q3 2015	212.89	0.60	0.60	6.25
Q4 2015	212.89	0.66	0.68	6.41
Q1 2016	212.89	0.65	0.68	6.48
Q2 2016	212.89	0.65	0.70	6.52
Q3 2016	212.89	0.57	0.64	6.66
Q4 2016	212.89	0.44	0.54	6.66
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	212.89	0.14	0.00	6.67
Q2 2018	212.89	0.11	0.08	6.76
Q3 2018	212.89	0.20	0.20	6.93
Q4 2018	212.89	0.01	0.26	6.79
Q1 2019	212.89	0.01	0.36	6.78
Q2 2019	212.89	(0.04)	0.42	6.81
Q3 2019	212.89	0.02	0.47	7.04
Q4 2019	212.89	(0.03)	0.54	6.77
Q1 2020	212.89	0.07	0.55	6.85
Q2 2020	212.89	0.65	0.49	7.47
Q3 2020	212.89	0.21	0.27	7.26
Q4 2020	212.89	0.17	0.12	6.94
Q1 2021	212.89	0.11	0.06	6.97

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	212.89	0.43	0.40	4.99
2012	212.89	0.45	0.41	5.09
2013	212.89	0.47	0.43	5.41
2014	212.89	0.50	0.50	5.91
2015	212.89	0.66	0.68	6.41
2016	212.89	0.44	0.54	6.66
2017	-	-	-	-
2018	212.89	0.01	0.26	6.79
2019	212.89	(0.03)	0.54	6.77
2020	212.89	0.17	0.12	6.94

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	30.50	34.33	2.71
Q2 2012	23.48	25.61	2.20
Q3 2012	26.19	28.32	2.51
Q4 2012	24.25	26.76	2.14
Q1 2013	23.86	25.56	2.08
Q2 2013	22.68	25.28	2.04
Q3 2013	24.64	27.93	2.16
Q4 2013	25.63	27.77	2.23
Q1 2014	33.06	34.94	2.88
Q2 2014	40.87	41.35	3.41
Q3 2014	44.06	43.45	3.63
Q4 2014	28.33	28.33	2.41
Q1 2015	35.79	35.79	3.11
Q2 2015	31.73	31.73	2.86
Q3 2015	25.57	25.57	2.44
Q4 2015	24.77	24.10	2.57
Q1 2016	16.88	16.20	1.70
Q2 2016	18.70	17.53	1.88
Q3 2016	17.66	15.83	1.52
Q4 2016	30.52	24.95	2.03
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	More than 100	More than 100	3.30
Q2 2018	More than 100	More than 100	2.98
Q3 2018	90.13	90.13	2.57
Q4 2018	More than 100	64.96	2.44
Q1 2019	More than 100	42.34	2.25
Q2 2019	NEG	32.71	2.00
Q3 2019	More than 100	31.49	2.11
Q4 2019	NEG	28.65	2.30
Q1 2020	More than 100	22.52	1.80
Q2 2020	28.94	38.36	2.53
Q3 2020	More than 100	81.02	2.99
Q4 2020	More than 100	More than 100	2.90
Q1 2021	More than 100	More than 100	3.06

Period	P/E	Adjusted P/E	Price/book
2011	27.76	29.98	2.38
2012	24.25	26.76	2.14
2013	25.63	27.77	2.23
2014	28.33	28.33	2.41
2015	24.77	24.10	2.57
2016	30.52	24.95	2.03
2017	-	-	-
2018	More than 100	64.96	2.44
2019	NEG	28.65	2.30
2020	More than 100	More than 100	2.90

Business Segments (Million)

Compared With The

Period	Diary and food production Sector	Agricultural Activity	Adjustments
Q1 2011	283.00	64.00	-
Q2 2011	320.00	124.00	-
Q3 2011	343.00	53.00	-
Q4 2011	304.00	67.00	-
Q1 2012	318.00	50.00	-
Q2 2012	374.00	121.00	-
Q3 2012	402.00	50.00	-
Q4 2012	352.00	60.00	-
Q1 2013	380.00	45.00	-
Q2 2013	419.00	124.00	-
Q3 2013	472.00	40.00	-
Q4 2013	396.00	52.00	-
Q1 2014	450.00	34.00	-
Q2 2014	494.00	82.00	-
Q3 2014	475.00	29.00	-
Q4 2014	457.00	51.00	-
Q1 2015	478.00	56.00	-
Q2 2015	563.00	134.00	-
Q3 2015	468.00	54.00	-
Q4 2015	514.00	62.00	-
Q1 2016	477.97	50.36	(18.98)
Q2 2016	557.12	153.10	(71.63)
Q3 2016	501.92	130.07	(81.74)
Q4 2016	412.51	(106.54)	-
Q1 2017	454.05	49.71	(21.83)
Q2 2017	522.99	155.92	(100.26)
Q3 2017	463.36	140.82	(93.43)
Q4 2017	419.96	116.16	(74.98)
Q1 2018	435.05	72.91	(33.88)
Q2 2018	485.11	149.04	(74.44)
Q3 2018	506.35	155.11	(86.76)
Q4 2018	460.47	65.34	(38.29)
Q1 2019	502.12	50.71	(22.36)
Q2 2019	559.68	59.21	(14.69)
Q3 2019	542.40	55.99	(19.94)
Q4 2019	495.71	33.58	(17.15)
Q1 2020	529.79	48.62	(19.26)
Q2 2020	572.05	49.27	(13.26)
Q3 2020	557.70	54.97	(25.44)
Q4 2020	502.70	68.38	(22.46)

Period	Diary and food production Sector	Agricultural Activity	Adjustments
2011	1,250.00	308.00	-
2012	1,446.00	281.00	-
2013	1,667.00	261.00	-
2014	1,876.00	196.00	-
2015	2,023.00	306.00	-
2016	1,949.52	226.98	-
2017	1,860.36	462.61	(290.49)
2018	1,886.99	442.40	(233.36)
2019	2,099.91	199.49	(74.15)
2020	2,162.24	221.24	(80.42)

Financial Ratios

	Current
Market Cap (M Riyal)	9,546.91
Enterprise Value (EV) (M)	8,444.39
Shares Outstanding ((M))	301.64
EPS ( Riyal) (TTM)	1.21
Book Value (BV) ( Riyal)	12.25
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	28.10
P/E (TTM)	26.11
Price/book	2.58
Return on Average Assets (%) (TTM)	7.8
Return on Average Equity (%) (TTM)	14.6

National Agricultural Development Co. (NADEC)

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NADEC profit slumps 65% to SAR 6.4 mln in Q1 2021

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q1

Financial Ratios

Share Price

National Agricultural Development Co. (NADEC)

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NADEC profit slumps 65% to SAR 6.4 mln in Q1 2021

View other reports

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2021

Revenue by Business Segment (Latest) 2021 Q1

Financial Ratios

Share Price

National Agricultural Development Co. (NADEC)

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Business Segments (Million)