National Agricultural Development Co. (NADEC) posted a net profit after Zakat and tax of SAR 149.8 million for H1 2020 compared to SAR 3.4 million in the year-earlier period.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 1,134.66 | 1,167.21 | 2.9 % |
| Gross Income | 430.85 | 414.11 | (3.9 %) |
| Operating Income | 96.36 | 69.11 | (28.3 %) |
| Net Income | 3.39 | 149.81 | 4315.4 % |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | 0.02 | 0.70 | 4315.4 % |
The company attributed the increase to a 2.87% increase in revenue, and 33.18% decrease in finance cost.
During the current period, the company also received a letter from Ministry of Environment, Water and Agriculture granting the ownership for the revived area of land in Hail, Wadi Al Dawasir, and Al Jouf.
NADEC recognized a net gain of SAR 111.81 million in the statement of profit and loss under other income and net expenses on account of differential land received as compared to the land already accounted in books.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 604.19 | 608.06 | 0.6 % |
| Gross Income | 227.57 | 211.64 | (7.0 %) |
| Operating Income | 53.48 | 33.04 | (38.2 %) |
| Net Income | 7.07 | 131.63 | 1763.1 % |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | 0.03 | 0.62 | 1763.1 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 559.15 | 608.06 | 8.7 % |
| Gross Income | 202.47 | 211.64 | 4.5 % |
| Operating Income | 36.07 | 33.04 | (8.4 %) |
| Net Income | 18.19 | 131.63 | 623.8 % |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | 0.09 | 0.62 | 623.8 % |
The second quarter’s net profit after Zakat and tax reached SAR 131.6 million compared to SAR 7 million in Q2 2019, due to 0.64% rise in revenue, 0.99% drop in selling and marketing expenses, and 39.63% decrease in finance cost.
When compared to the previous quarter, NADEC reported profit due to 8.75% rise in revenue.
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