National Agricultural Development Co. (NADEC) reported a net loss after Zakat and tax of SAR 7.8 million for the first nine months of 2021, compared to a net profit after Zakat and tax of SAR 104.9 million in the prior-year period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 1,754.44 | 1,700.46 | (3.1 %) |
| Gross Income | 596.97 | 522.44 | (12.5 %) |
| Operating Income | 79.12 | 60.92 | (23.0 %) |
| Net Income | 104.92 | (7.77) | (107.4 %) |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | 0.49 | (0.04) | (107.4 %) |
The loss was due to a 5.09% year-on-year (YoY) decline in revenue as sales of dairy and food processing sector declined 2.61%. In addition, sales of the agricultural sector declined 42.15% amid value-added tax (VAT) rate changes in July 2020.
The cost of sales rose by 3.02% YoY because of increased direct material costs due to the cancellation of government subsidies on certain items of animal feeds. The general and administrative expenses increased 3.96% YoY. Meanwhile, selling and marketing expenses decreased 13.13% YoY as marketing and promotional activities spending declined.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 587.23 | 610.76 | 4.0 % |
| Gross Income | 182.87 | 180.66 | (1.2 %) |
| Operating Income | 10.01 | 24.74 | 147.2 % |
| Net Income | (44.89) | 3.21 | 107.2 % |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | (0.21) | 0.02 | 107.2 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 548.74 | 610.76 | 11.3 % |
| Gross Income | 167.19 | 180.66 | 8.1 % |
| Operating Income | 11.52 | 24.74 | 114.8 % |
| Net Income | (17.35) | 3.21 | 118.5 % |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | (0.08) | 0.02 | 118.5 % |
The company reported a net profit after Zakat and tax of SAR 3.2 million for Q3 2021, compared to a net loss after Zakat and tax of SAR 44.9 million in the same quarter last year.
On a sequential basis, the company turned to profit against a loss of SAR 17.35 million in Q2 2021.
Total shareholders’ equity, excluding minority interest, fell 4.85% YoY to SAR 1.47 billion in the first nine months of 2021.
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