National Agricultural Development Co. (NADEC) posted a net profit of SAR 178.1 million in the first nine months of 2023, compared with SAR 70.4 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 2,023.95 | 2,396.37 | 18.4 % |
| Gross Income | 602.95 | 897.64 | 48.9 % |
| Operating Income | 121.38 | 250.47 | 106.3 % |
| Net Income | 70.37 | 178.08 | 153.1 % |
| Average Shares | 212.89 | 157.04 | (26.2 %) |
| EPS (Riyals) | 0.33 | 1.13 | 243.1 % |
The 9M revenue climbed 18.4% year-on-year (YoY) as sales grew in dairy and food processing segments, the first joint-stock agricultural company in Saudi Arabia said.
Cost of sales as percentage to revenue decreased by 7.67% YoY mainly on account of the increase in selling prices. In addition, NADEC recognized SAR 14.01 million as share of profit from joint venture investment, compared to a loss of SAR 8.16 million a year ago.
Meanwhile, selling, marketing, general and administrative expenses increased. Also, NADEC noted a provision of SAR 40.5 million made for doubtful receivables.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 702.67 | 861.10 | 22.5 % |
| Gross Income | 220.39 | 323.61 | 46.8 % |
| Operating Income | 48.97 | 97.75 | 99.6 % |
| Net Income | 27.75 | 75.27 | 171.2 % |
| Average Shares | 212.89 | 157.04 | (26.2 %) |
| EPS (Riyals) | 0.13 | 0.48 | 267.6 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 785.86 | 861.10 | 9.6 % |
| Gross Income | 295.88 | 323.61 | 9.4 % |
| Operating Income | 86.88 | 97.75 | 12.5 % |
| Net Income | 65.13 | 75.27 | 15.6 % |
| Average Shares | 157.04 | 157.04 | - |
| EPS (Riyals) | 0.41 | 0.48 | 15.6 % |
The third-quarter net profit surged 171.2% YoY to SAR 75. 3 million mainly due to higher revenues and lower cost of sales to revenues.
Compared to Q2 2023, the company’s net profit rose 15.6% from SAR 65.13 million.
Shareholders’ equity, no minority interest, reached SAR 1.47 billion by the end of 9M 2023, from SAR 1.26 billion in the year-earlier period.
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