NADEC Q1 2025 profit up 2% to SAR 103.4M

04/05/2025 Argaam Exclusive

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National Agricultural Development Co. (NADEC) reported a 2% increase in Q1 2025 net profit to SAR 103.4 million, from SAR 101.3 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2024	Q1 2025	Change‬
Revenues	857.58	1,011.45	17.9 %
Gross Income	322.71	325.75	0.9 %
Operating Income	109.54	109.45	(0.1 %)
Net Income	101.33	103.42	2.1 %
Average Shares	301.64	301.64	-
Earnings Per Share before unusual items (Riyal)	0.34	0.34	2.1 %
EPS (Riyal)	0.34	0.34	2.1 %

Item	Q4 2024	Q1 2025	Change‬
Revenues	781.67	1,011.45	29.4 %
Gross Income	280.72	325.75	16.0 %
Operating Income	98.23	109.45	11.4 %
Net Income	448.05	103.42	(76.9 %)
Average Shares	301.64	301.64	-
Earnings Per Share before unusual items (Riyal)	0.30	0.34	13.0 %
EPS (Riyal)	1.49	0.34	(76.9 %)

The positive performance is driven by the increase in revenue by 17.94% year-on-year (YoY), this was mainly on account of the higher in sales of agri segment by SAR 94.70 million, protein segment by SAR 46.45 million and dairy and beverages segment by SAR 12.72 million.

General and administrative expenses decreased in Q1 2025 by 5.51% YoY, mainly on account of decrease in employee costs, while treasury income increased 17.35% YoY due to higher deposits.

Finance cost decreased 3.30% YoY on lower average loan balance.

Operating profit grew 2.01% YoY primarily due to an increase in sales, decrease in general and administrative expenses and this increase was partially offset by increase in cost of sales percentage over revenue and an increase in impairment losses for trade receivables.

Meanwhile, the company recognized its share of profit from joint venture at SAR 8.94 million during Q1 2024, but no such income was available in Q1 2025.

NADEC also noted an increase in the percentage of cost of sales over the net revenue by 5.42%.

Compared to Q4 2024, the company’s net profit fell 76.9% from SAR 448.05 million.

During Q4 2024, NADEC recognized SAR 103.19 million on sales of 30% shares in Arabian Mills as part of Arabian Mills initial public offering (IPO), and also recognized day one fair value gain of SAR 253.32 million on the date of listing of shares. Starting from Q1 2025, any changes in fair value of share are recorded in other comprehensive income as per IFRS 9.

Total shareholders’ equity, excluding minority interest, grew to SAR 4.4 billion as of March 31, 2025, from SAR 3.69 billion a year earlier.

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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
2016	94.23	(33.3 %)	0.44	(21.03)	115.25	0.54
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)
2017	39.94	(57.6 %)	0.19	29.69	10.25	0.05
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
2018	1.74	(95.6 %)	0.01	(52.68)	54.42	0.26
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
2019	(7.30)	(518.9 %)	(0.03)	(122.92)	115.63	0.54
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)
2020	35.66	588.6 %	0.17	10.48	25.18	0.12
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)
2021	(285.03)	(899.4 %)	(1.34)	(148.59)	(136.43)	(0.64)
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
2022	95.49	133.5 %	0.45	-	95.49	0.45
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
2023	302.06	216.3 %	1.00	26.00	276.06	0.92
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
2024	774.63	156.4 %	2.57	356.51	418.12	1.39
Q1 2025	103.42	2.1 %	0.34	-	103.42	0.34

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2015	141.32	31.8 %	0.66	(3.97)	145.30	0.68
2016	94.23	(33.3 %)	0.44	(21.03)	115.25	0.54
2017	39.94	(57.6 %)	0.19	29.69	10.25	0.05
2018	1.74	(95.6 %)	0.01	(52.68)	54.42	0.26
2019	(7.30)	(518.9 %)	(0.03)	(122.92)	115.63	0.54
2020	35.66	588.6 %	0.17	10.48	25.18	0.12
2021	(285.03)	(899.4 %)	(1.34)	(148.59)	(136.43)	(0.64)
2022	95.49	133.5 %	0.45	-	95.49	0.45
2023	302.06	216.3 %	1.00	26.00	276.06	0.92
2024	774.63	156.4 %	2.57	356.51	418.12	1.39

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 %)
2016	2,176.49	(6.5 %)	837.86	(11.1 %)	173.03	1.0 %
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 %)
2017	2,032.48	(6.6 %)	731.08	(12.7 %)	82.08	(52.6 %)
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 %
2018	2,096.03	3.1 %	775.08	6.0 %	130.47	59.0 %
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 %
2019	2,225.26	6.2 %	844.60	9.0 %	191.88	47.1 %
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 %)
2020	2,303.06	3.5 %	725.84	(14.1 %)	64.14	(66.6 %)
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 %)
2021	2,272.33	(1.3 %)	630.84	(13.1 %)	(6.32)	(109.8 %)
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 %
2022	2,694.25	18.6 %	808.33	28.1 %	159.55	2625.6 %
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 %
2023	3,196.97	18.7 %	1,183.74	46.4 %	338.20	112.0 %
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 %)	108.55	11.2 %
Q4 2024	781.67	(2.4 %)	280.72	(1.9 %)	98.23	11.5 %
2024	3,220.40	0.7 %	1,192.32	0.7 %	421.39	24.6 %
Q1 2025	1,011.45	17.9 %	325.75	0.9 %	109.45	(0.1 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	2,328.59	12.4 %	942.56	21.6 %	171.38	16.0 %
2016	2,176.49	(6.5 %)	837.86	(11.1 %)	173.03	1.0 %
2017	2,032.48	(6.6 %)	731.08	(12.7 %)	82.08	(52.6 %)
2018	2,096.03	3.1 %	775.08	6.0 %	130.47	59.0 %
2019	2,225.26	6.2 %	844.60	9.0 %	191.88	47.1 %
2020	2,303.06	3.5 %	725.84	(14.1 %)	64.14	(66.6 %)
2021	2,272.33	(1.3 %)	630.84	(13.1 %)	(6.32)	(109.8 %)
2022	2,694.25	18.6 %	808.33	28.1 %	159.55	2625.6 %
2023	3,196.97	18.7 %	1,183.74	46.4 %	338.20	112.0 %
2024	3,220.40	0.7 %	1,192.32	0.7 %	421.39	24.6 %

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 %
2016	38.50 %	21.99 %	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 %
2017	35.97 %	20.28 %	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 %
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 %
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 %
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 %)
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 %
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 %
2023	37.03 %	17.91 %	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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	40.48 %	18.76 %	6.24 %
2016	38.50 %	21.99 %	5.30 %
2017	35.97 %	20.28 %	0.50 %
2018	36.98 %	19.22 %	2.60 %
2019	37.96 %	21.11 %	5.20 %
2020	31.52 %	15.49 %	1.09 %
2021	27.76 %	11.60 %	(6.00 %)
2022	30.00 %	14.77 %	3.54 %
2023	37.03 %	17.91 %	8.64 %
2024	37.02 %	20.74 %	12.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2016	39.83 %	22.15 %	5.03 %
Q2 2016	38.43 %	20.40 %	6.11 %
Q3 2016	37.03 %	23.81 %	6.09 %
Q4 2016	39.01 %	22.24 %	3.58 %
Q1 2017	38.03 %	22.61 %	0.90 %
Q2 2017	35.10 %	18.33 %	0.67 %
Q3 2017	35.08 %	21.50 %	1.89 %
Q4 2017	35.89 %	18.49 %	(1.65 %)
Q1 2018	34.28 %	19.22 %	(1.06 %)
Q2 2018	37.95 %	19.06 %	3.49 %
Q3 2018	38.50 %	22.24 %	6.11 %
Q4 2018	36.70 %	15.85 %	0.98 %
Q1 2019	38.32 %	20.56 %	3.22 %
Q2 2019	37.67 %	20.09 %	5.26 %
Q3 2019	37.74 %	22.84 %	8.12 %
Q4 2019	38.16 %	20.91 %	3.86 %
Q1 2020	36.21 %	19.78 %	3.25 %
Q2 2020	34.81 %	17.57 %	3.29 %
Q3 2020	31.14 %	13.96 %	(0.17 %)
Q4 2020	23.49 %	10.44 %	(2.19 %)
Q1 2021	32.28 %	17.20 %	1.18 %
Q2 2021	30.47 %	14.41 %	(3.16 %)
Q3 2021	29.58 %	15.09 %	0.53 %
Q4 2021	18.95 %	(0.11 %)	(22.50 %)
Q1 2022	31.16 %	15.82 %	2.46 %
Q2 2022	27.04 %	13.82 %	3.88 %
Q3 2022	31.37 %	15.32 %	3.95 %
Q4 2022	30.64 %	14.23 %	3.75 %
Q1 2023	37.12 %	16.23 %	5.03 %
Q2 2023	37.65 %	18.31 %	8.29 %
Q3 2023	37.58 %	18.39 %	8.74 %
Q4 2023	35.74 %	18.62 %	12.24 %
Q1 2024	37.63 %	19.82 %	11.82 %
Q2 2024	37.79 %	21.00 %	14.16 %
Q3 2024	36.70 %	21.64 %	14.33 %
Q4 2024	35.91 %	20.58 %	11.71 %
Q1 2025	32.21 %	17.62 %	10.22 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	212.89	0.66	0.68	6.41
2016	212.89	0.44	0.54	6.66
2017	212.89	0.19	0.05	6.70
2018	212.89	0.01	0.26	6.79
2019	212.89	(0.03)	0.54	6.77
2020	212.89	0.17	0.12	6.94
2021	212.89	(1.34)	(0.64)	5.62
2022	212.89	0.45	0.45	6.08
2023	301.64	1.00	0.92	11.91
2024	301.64	2.57	1.39	14.25

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted 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

Period	P/E	Adjusted P/E	Price/book
2015	24.77	24.10	2.57
2016	30.52	24.95	2.03
2017	97.21	More than 100	2.72
2018	More than 100	64.96	2.44
2019	NEG	28.65	2.30
2020	More than 100	More than 100	2.90
2021	NEG	NEG	3.66
2022	30.80	30.80	2.27
2023	27.81	30.43	2.34
2024	9.61	17.80	1.73

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)

Period	Diary and food production Sector	Agricultural Activity	Protein.	Adjustments
2015	2,023.00	306.00	-	-
2016	1,977.00	448.86	-	(249.36)
2017	1,860.36	462.61	-	(290.49)
2018	1,886.99	442.40	-	(233.36)
2019	2,099.91	199.49	-	(74.15)
2020	2,162.24	221.24	-	(80.42)
2021	2,196.72	162.32	-	(86.72)
2022	2,600.49	143.33	-	(49.57)
2023	3,080.10	167.82	-	(50.96)
2024	3,024.42	136.32	180.29	(120.63)

Analysts Estimates (Million)

Item	Profit (Expected)	Profit (Actual)	Change
Average	110.00	103.42	(6.0 %)

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬
United Securities Company	107.00	103.42	(3.5) %
Al Rajhi Capital	113.00	103.42	(9.3) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,304.28
Enterprise Value (EV) (M)	4,736.24
Shares Outstanding ((M))	301.64
EPS ( Riyal) (TTM)	2.58
Book Value (BV) ( Riyal)	14.59
Par Value ( Riyal)	10.00
Recurring P/E	15.00
P/E (TTM)	8.12
Price/book	1.43
Return on Average Assets (%) (TTM)	13.3
Return on Average Equity (%) (TTM)	19.2
EV/adj EBITDA	7.10
EV/Revenues	1.42

National Agricultural Development Co. (NADEC)

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NADEC Q1 2025 profit up 2% to SAR 103.4M

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Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2025 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

National Agricultural Development Co. (NADEC)

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NADEC Q1 2025 profit up 2% to SAR 103.4M

View other reports

Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2025

Revenue by Business Segment (Latest) 2025 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

National Agricultural Development Co. (NADEC)

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Business Segments (Million)