Financial Results : NADEC profit falls to SAR 393.4M in 2025; Q4 at SAR 64M

NADEC profit falls to SAR 393.4M in 2025; Q4 at SAR 64M

01/02/2026 Argaam Exclusive

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National Agricultural Development Co. (NADEC) reported a net profit of SAR 393.4 million for 2025, down from SAR 774.6 million a year earlier.



Financials (M)

Item 2024 2025 Change‬
Revenues 3,220.40 3,526.98 9.5 %
Gross Income 1,192.32 1,181.48 (0.9 %)
Operating Income 421.39 363.64 (13.7 %)
Net Income 774.63 393.35 (49.2 %)
Average Shares 301.64 301.64 -
Earnings Per Share before unusual items (Riyals) 1.39 1.29 (6.8 %)
EPS (Riyal) 2.57 1.30 (49.2 %)
The company recorded a non-recurring gain of SAR 356.51 million last year from its investment in Arabian Mills for Food Products Co.
 
The gain was recognized as part of the listing of 30% of Arabian Mills’ shares on the Main Market, under which NADEC and the other shareholders agreed to sell 30% of their respective stakes. As a result, NADEC recognized a realized gain of SAR 103.19 million from the sale, in addition to unrealized fair value gains of SAR 253.32 million during the year.
 
Moreover, NADEC attributed the decline to a 3.53% increase in cost of sales, driven by changes in product mix and higher production costs, as well as an 8.4% rise in selling and marketing expenses due to increased distribution costs.


Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 781.67 841.45 7.6 %
Gross Income 280.72 250.90 (10.6 %)
Operating Income 98.03 42.48 (56.7 %)
Net Income 448.05 63.99 (85.7 %)
Average Shares 301.64 301.64 -
Earnings Per Share before unusual items (Riyal) 0.30 0.21 (30.1 %)
EPS (Riyal) 1.49 0.21 (85.7 %)
NADEC recognized a loss of SAR 4.76 million in 2025 from investment in a joint venture, against a profit of SAR 24.04 million a year earlier.
 
The fourth-quarter net profit fell 85.7% to SAR 64 million, from SAR 448.05 million in Q4 2024.

Shareholders’ equity, with no minority interest, rose to SAR 4.60 billion as of Dec. 31, 2025, from SAR 4.29 billion a year earlier.

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 509.36 (4.7 %) 202.88 0.5 % 39.53 7.4 %
Q2 2016 638.59 (7.4 %) 245.44 (5.0 %) 52.82 5.8 %
Q3 2016 550.24 (2.9 %) 203.74 (15.6 %) 52.15 (7.4 %)
Q4 2016 478.32 (13.5 %) 186.58 (24.9 %) 30.39 (29.8 %)
Q1 2017 481.94 (5.4 %) 183.29 (9.7 %) 23.14 (41.5 %)
Q2 2017 578.64 (9.4 %) 203.13 (17.2 %) 28.67 (45.7 %)
Q3 2017 510.76 (7.2 %) 179.16 (12.1 %) 26.24 (49.7 %)
Q4 2017 461.14 (3.6 %) 165.50 (11.3 %) 1.98 (93.5 %)
Q1 2018 474.09 (1.6 %) 162.54 (11.3 %) 19.36 (16.3 %)
Q2 2018 559.72 (3.3 %) 212.38 4.6 % 39.58 38.1 %
Q3 2018 574.71 12.5 % 221.26 23.5 % 58.99 124.8 %
Q4 2018 487.52 5.7 % 178.90 8.1 % 12.54 534.4 %
Q1 2019 530.47 11.9 % 203.27 25.1 % 42.88 121.5 %
Q2 2019 604.19 7.9 % 227.57 7.2 % 53.48 35.1 %
Q3 2019 578.45 0.7 % 218.31 (1.3 %) 62.51 6.0 %
Q4 2019 512.15 5.1 % 195.44 9.2 % 33.01 163.2 %
Q1 2020 559.15 5.4 % 202.47 (0.4 %) 36.07 (15.9 %)
Q2 2020 608.06 0.6 % 211.64 (7.0 %) 33.04 (38.2 %)
Q3 2020 587.23 1.5 % 182.87 (16.2 %) 10.01 (84.0 %)
Q4 2020 548.62 7.1 % 128.87 (34.1 %) (14.98) (145.4 %)
Q1 2021 540.96 (3.3 %) 174.60 (13.8 %) 24.66 (31.6 %)
Q2 2021 548.74 (9.8 %) 167.19 (21.0 %) 11.52 (65.1 %)
Q3 2021 610.76 4.0 % 180.66 (1.2 %) 24.74 147.2 %
Q4 2021 571.86 4.2 % 108.40 (15.9 %) (67.24) (348.9 %)
Q1 2022 613.53 13.4 % 191.19 9.5 % 34.98 41.8 %
Q2 2022 707.75 29.0 % 191.37 14.5 % 37.43 224.9 %
Q3 2022 702.67 15.0 % 220.39 22.0 % 48.97 97.9 %
Q4 2022 670.30 17.2 % 205.39 89.5 % 38.17 156.8 %
Q1 2023 749.41 22.1 % 278.15 45.5 % 65.84 88.2 %
Q2 2023 785.86 11.0 % 295.88 54.6 % 86.88 132.1 %
Q3 2023 861.10 22.5 % 323.61 46.8 % 97.63 99.4 %
Q4 2023 800.60 19.4 % 286.11 39.3 % 88.14 130.9 %
Q1 2024 857.58 14.4 % 322.71 16.0 % 109.54 66.4 %
Q2 2024 790.06 0.5 % 298.57 0.9 % 105.07 20.9 %
Q3 2024 791.09 (8.1 %) 290.33 (10.3 %) 108.75 11.4 %
Q4 2024 781.67 (2.4 %) 280.72 (1.9 %) 98.03 11.2 %
Q1 2025 1,011.45 17.9 % 325.75 0.9 % 109.45 (0.1 %)
Q2 2025 830.47 5.1 % 313.16 4.9 % 108.11 2.9 %
Q3 2025 843.61 6.6 % 291.67 0.5 % 103.60 (4.7 %)
Q4 2025 841.45 7.6 % 250.90 (10.6 %) 42.48 (56.7 %)
2025 3,526.98 9.5 % 1,181.48 (0.9 %) 363.64 (13.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 23.75 (9.2 %) 0.11 (1.86) 25.60 0.12
Q2 2016 35.57 1.3 % 0.17 (3.45) 39.02 0.18
Q3 2016 28.65 (37.3 %) 0.13 (4.88) 33.53 0.16
Q4 2016 6.26 (81.8 %) 0.03 (10.85) 17.11 0.08
Q1 2017 4.34 (81.7 %) 0.02 - 4.34 0.02
Q2 2017 25.89 (27.2 %) 0.12 22.00 3.89 0.02
Q3 2017 17.33 (39.5 %) 0.08 7.69 9.63 0.05
Q4 2017 (7.61) (221.5 %) (0.04) - (7.61) (0.04)
Q1 2018 (5.02) (215.9 %) (0.02) - (5.02) (0.02)
Q2 2018 19.51 (24.6 %) 0.09 - 19.51 0.09
Q3 2018 35.13 102.8 % 0.17 - 35.13 0.17
Q4 2018 (47.88) (529.4 %) (0.22) (52.68) 4.79 0.02
Q1 2019 (3.67) 26.9 % (0.02) (20.77) 17.10 0.08
Q2 2019 7.07 (63.8 %) 0.03 (24.71) 31.77 0.15
Q3 2019 49.32 40.4 % 0.23 2.35 46.97 0.22
Q4 2019 (60.01) (25.3 %) (0.28) (79.80) 19.79 0.09
Q1 2020 18.19 595.3 % 0.09 - 18.19 0.09
Q2 2020 131.63 1763.1 % 0.62 111.61 20.01 0.09
Q3 2020 (44.89) (191.0 %) (0.21) (43.89) (1.01) 0.00
Q4 2020 (69.27) (15.4 %) (0.33) (57.25) (12.02) (0.06)
Q1 2021 6.37 (65.0 %) 0.03 - 6.37 0.03
Q2 2021 (17.35) (113.2 %) (0.08) - (17.35) (0.08)
Q3 2021 3.21 107.2 % 0.02 - 3.21 0.02
Q4 2021 (277.26) (300.3 %) (1.30) (148.59) (128.66) (0.60)
Q1 2022 15.12 137.6 % 0.07 - 15.12 0.07
Q2 2022 27.49 258.5 % 0.13 - 27.49 0.13
Q3 2022 27.75 763.6 % 0.13 - 27.75 0.13
Q4 2022 25.12 109.1 % 0.12 - 25.12 0.12
Q1 2023 37.69 149.2 % 0.18 - 37.69 0.18
Q2 2023 65.13 136.9 % 0.31 - 65.13 0.31
Q3 2023 75.27 171.2 % 0.35 - 75.27 0.35
Q4 2023 123.98 393.6 % 0.41 26.00 97.98 0.32
Q1 2024 101.33 168.9 % 0.34 - 101.33 0.34
Q2 2024 111.88 71.8 % 0.37 - 111.88 0.37
Q3 2024 113.38 50.6 % 0.38 - 113.38 0.38
Q4 2024 448.05 261.4 % 1.49 356.51 91.53 0.30
Q1 2025 103.42 2.1 % 0.34 - 103.42 0.34
Q2 2025 115.26 3.0 % 0.38 3.70 111.56 0.37
Q3 2025 110.67 (2.4 %) 0.37 - 110.67 0.37
Q4 2025 63.99 (85.7 %) 0.21 - 63.99 0.21
2025 393.35 (49.2 %) 1.30 3.70 389.65 1.29

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2017 38.11 % 22.18 % 4.37 %
Q2 2017 37.18 % 21.65 % 2.82 %
Q3 2017 36.70 % 21.04 % 1.71 %
Q4 2017 35.97 % 20.18 % 0.50 %
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 %
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 %
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 %
Q1 2021 30.55 % 14.84 % 0.58 %
Q2 2021 29.36 % 13.99 % (1.08 %)
Q3 2021 28.96 % 14.30 % (0.88 %)
Q4 2021 27.76 % 11.60 % (6.00 %)
Q1 2022 27.61 % 11.42 % (5.44 %)
Q2 2022 26.82 % 11.44 % (3.31 %)
Q3 2022 27.40 % 11.63 % (2.25 %)
Q4 2022 30.00 % 14.77 % 3.54 %
Q1 2023 31.63 % 14.93 % 4.17 %
Q2 2023 34.38 % 16.11 % 5.35 %
Q3 2023 35.97 % 16.93 % 6.63 %
Q4 2023 37.03 % 17.92 % 8.64 %
Q1 2024 37.16 % 18.80 % 10.28 %
Q2 2024 37.20 % 19.44 % 11.68 %
Q3 2024 36.97 % 20.26 % 13.11 %
Q4 2024 37.02 % 20.74 % 12.98 %
2024 37.02 % 20.74 % 12.98 %
Q1 2025 35.43 % 20.04 % 12.45 %
Q2 2025 35.43 % 20.35 % 12.30 %
Q3 2025 34.94 % 20.34 % 12.03 %
Q4 2025 33.50 % 18.95 % 11.05 %
2025 33.50 % 18.95 % 11.05 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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 212.89 0.35 0.44 6.68
Q2 2017 212.89 0.31 0.28 6.70
Q3 2017 212.89 0.25 0.16 6.78
Q4 2017 212.89 0.19 0.05 6.70
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
Q2 2021 212.89 (0.59) (0.11) 6.89
Q3 2021 212.89 (0.36) (0.09) 6.91
Q4 2021 212.89 (1.34) (0.64) 5.62
Q1 2022 212.89 (1.30) (0.60) 5.69
Q2 2022 212.89 (1.09) (0.39) 5.82
Q3 2022 212.89 (0.97) (0.27) 5.95
Q4 2022 212.89 0.45 0.45 6.08
Q1 2023 212.89 0.55 0.55 6.26
Q2 2023 212.89 0.73 0.73 6.57
Q3 2023 212.89 0.95 0.95 6.92
Q4 2023 301.64 1.00 0.92 11.91
Q1 2024 301.64 1.21 1.13 12.25
Q2 2024 301.64 1.37 1.28 12.62
Q3 2024 301.64 1.49 1.41 13.00
Q4 2024 301.64 2.57 1.39 14.25
Q1 2025 301.64 2.58 1.39 14.59
Q2 2025 301.64 2.59 1.39 14.77
Q3 2025 301.64 2.58 1.38 15.13
Q4 2025 301.64 1.30 1.29 15.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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 45.43 36.17 2.39
Q2 2017 49.85 55.16 2.28
Q3 2017 66.87 More than 100 2.49
Q4 2017 97.21 More than 100 2.72
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
Q2 2021 NEG NEG 3.95
Q3 2021 NEG NEG 3.58
Q4 2021 NEG NEG 3.66
Q1 2022 NEG NEG 3.60
Q2 2022 NEG NEG 3.65
Q3 2022 NEG NEG 2.93
Q4 2022 30.80 30.80 2.27
Q1 2023 33.73 33.73 2.99
Q2 2023 38.21 38.21 4.26
Q3 2023 33.67 33.67 4.64
Q4 2023 27.81 30.43 2.34
Q1 2024 23.92 25.75 2.37
Q2 2024 22.78 24.31 2.47
Q3 2024 18.58 19.72 2.14
Q4 2024 9.61 17.80 1.73
Q1 2025 9.75 18.02 1.72
Q2 2025 8.17 15.17 1.43
Q3 2025 8.46 15.77 1.44
Q4 2025 14.10 14.24 1.20

Business Segments (Million)

Compared With The
Period Diary and food production Sector Agricultural Activity Protein. Adjustments
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 440.00 115.34 - (77.02)
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)
Q3 2021 587.74 46.93 - (23.91)
Q4 2021 540.45 44.65 - (13.24)
Q1 2022 596.91 33.17 - (16.55)
Q2 2022 660.80 62.49 - (15.54)
Q3 2022 687.01 24.59 - (8.93)
Q4 2022 655.77 23.08 - (8.55)
Q1 2023 749.16 11.43 - (11.18)
Q2 2023 736.85 63.62 - (14.62)
Q3 2023 836.54 34.97 - (10.41)
Q4 2023 757.54 57.80 - (14.75)
Q1 2024 804.74 16.93 48.88 (12.97)
Q2 2024 737.57 43.31 43.90 (34.72)
Q3 2024 759.40 34.83 37.73 (40.88)
Q4 2024 722.71 41.25 49.78 (32.07)
Q1 2025 836.95 109.13 95.33 (29.96)
Q2 2025 751.64 60.33 59.32 (40.81)
Q3 2025 755.58 54.05 62.74 (28.77)
Q4 2025 725.10 76.83 82.79 (43.26)

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 103.00 63.99

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
United Securities Company 103.00 63.99


Financial Ratios
Current
Market Cap (M Riyal) 5,308.87
Enterprise Value (EV) (M Riyal) 3,861.00
Shares Outstanding ((M)) 301.64
EPS ( Riyal) (TTM) 1.30
Book Value (BV) ( Riyal) 15.28
Par Value ( Riyal) 10.00
Recurring P/E 13.62
P/E (TTM) 13.50
Price/book 1.15
Return on Average Assets (%) (TTM) 6.5
Return on Average Equity (%) (TTM) 8.8
EV/adj EBITDA 5.78
EV/Revenues 1.09
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Share Price

National Agricultural Development Co.
17.60
(0.40) (2.22 %)

National Agricultural Development Co. (NADEC)

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