NADEC turns to profit of SAR 70.4 mln in 9M 2022; Q3 profit surges to SAR 27.8 mln

23/10/2022 Argaam Exclusive

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National Agricultural Development Co. (NADEC) reported a net profit after Zakat and tax of SAR 70.4 million in the first nine months of 2022, compared to a net loss of SAR 7.8 million in the year-ago period, on higher revenue and lower other expenses.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,700.46	2,023.95	19.0 %
Gross Income	522.44	602.95	15.4 %
Operating Income	60.92	121.38	99.2 %
Net Income	(7.77)	70.37	1005.7 %
Average Shares	212.89	212.89	-
EPS (Riyals)	(0.04)	0.33	1005.7 %

In Q3 2022, the net profit after Zakat and tax saw an eight-fold increase to SAR 27.8 million, from SAR 3.2 million, driven by higher revenue, lower cost of sales and lower other expenses.

Compared to Q2 2022, net profit rose slightly from SAR 27.5 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	610.76	702.67	15.0 %
Gross Income	180.66	220.39	22.0 %
Operating Income	24.74	48.97	97.9 %
Net Income	3.21	27.75	763.6 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.02	0.13	763.6 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	707.75	702.67	(0.7 %)
Gross Income	191.37	220.39	15.2 %
Operating Income	37.43	48.97	30.8 %
Net Income	27.49	27.75	0.9 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.13	0.13	0.9 %

Shareholders’ equity, after minority interest, rose to SAR 1.267 billion as of Sept. 30, 2022, from SAR 1.471 billion in the year-earlier period.

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