NADEC profit up 3% to SAR 218.7M in H1 2025; Q2 at SAR 115.3M

27/07/2025 Argaam Exclusive

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National Agricultural Development Co. (NADEC) reported an increase of 3% in H1 2025 net profit to SAR 218.7 million, compared with SAR 213.2 million a year earlier.

Financials (M)

Item	6m 2024	6m 2025	Change‬
Revenues	1,647.64	1,841.92	11.8 %
Gross Income	621.27	638.91	2.8 %
Operating Income	214.61	217.56	1.4 %
Net Income	213.21	218.68	2.6 %
Average Shares	301.64	301.64	-
Earnings Per Share before unusual items (Riyals)	0.71	0.71	0.8 %
EPS (Riyal)	0.71	0.72	2.6 %

The company’s revenue for the current period increased by 11.79% compared to the similar period last year, this was on account of increase in sales of dairy and food processing segment by 1.79%, protein segment by 66.68% and agri segment by 274.09%.

Other expenses decreased in the current period by SAR 10.25 million compared to the previous period mainly on the decrease in losses on sale of biological assets and dividend income received.

Additionally, treasury income increased in the current period by 20.10% year-on-year (YoY), mainly due to higher deposits.

Despite the changes in the preceding elements that positively impacted the net profit of NADEC in the current period, there are other elements that negatively impacted the net profit of the current period.

Cost of sales percentage on revenue increased during the current period by 3.02% YoY, mainly on account of the product mix.

Selling and marketing expenses increased by 3.23% YoY due to the increase in distribution cost.

Impairment losses for trade receivables increased by SAR 6.35 million YoY mainly on account of the increase in receivable.

Financing cost increased in the current period by 18.67% YoY driven by the increase in interest expense on lease liability.

During the similar period last year the company recognized SAR 17.32 million which represents its share of profit from Joint venture investment but no such income during the current period.

All the above elements collectively impacted the gross profit and operating profit leading to an increase in gross profit by 2.84% YoY, due to the increase in the revenue by 11.79% and this increase is partially offset by increase in percentage of cost of sales over the net revenue 3.02%.

Operating profit for the current period increased by 0.22% YoY due to increase in revenue and decrease in other expenses and this increase was partially offset by increase in cost of sales percentage over revenue, selling & marketing expenses and impairment losses on trade receivables.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2024	Q2 2025	Change‬
Revenues	790.06	830.47	5.1 %
Gross Income	298.57	313.16	4.9 %
Operating Income	105.07	108.11	2.9 %
Net Income	111.88	115.26	3.0 %
Average Shares	301.64	301.64	-
Earnings Per Share before unusual items (Riyal)	0.37	0.37	(0.3 %)
EPS (Riyal)	0.37	0.38	3.0 %

Item	Q1 2025	Q2 2025	Change‬
Revenues	1,011.45	830.47	(17.9 %)
Gross Income	325.75	313.16	(3.9 %)
Operating Income	109.45	108.11	(1.2 %)
Net Income	103.42	115.26	11.5 %
Average Shares	301.64	301.64	-
Earnings Per Share before unusual items (Riyal)	0.34	0.37	7.9 %
EPS (Riyal)	0.34	0.38	11.5 %

The second-quarter net earnings grew 3% to SAR 115.26 million, from SAR 111.88 million in Q2 2024.

Sequentially, NADEC’s net profits grew by 11.4% from SAR 103.4 million in Q1 2025.

Shareholders’ equity, no minority interest, rose to SAR 4.45 billion as of June 30, 2025, from SAR 3.80 billion in the year-earlier period.

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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 %)
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 %)
Q2 2025	830.47	5.1 %	313.16	4.9 %	108.11	2.9 %

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 %

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
Q2 2025	115.26	3.0 %	0.38	3.70	111.56	0.37

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

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 %
Q2 2025	35.43 %	20.35 %	12.30 %

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 %
Q2 2025	37.71 %	22.24 %	13.43 %

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

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	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

Period	P/E	Recurring 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)
Q2 2025	751.64	60.33	59.32	(40.81)

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	Profit Before Unusual Items	Change
Average	116.50	115.26		111.56

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬	Profit Before Unusual Items	Change‬
Al Rajhi Capital	114.00	115.26		111.56
United Securities Company	119.00	115.26		111.56

Financial Ratios

	Current
Market Cap (M Riyal)	6,566.71
Enterprise Value (EV) (M Riyal)	4,975.86
Shares Outstanding ((M))	301.64
EPS ( Riyal) (TTM)	2.59
Book Value (BV) ( Riyal)	14.77
Par Value ( Riyal)	10.00
Recurring P/E	15.64
P/E (TTM)	8.42
Price/book	1.47
Return on Average Assets (%) (TTM)	13.1
Return on Average Equity (%) (TTM)	18.9
EV/adj EBITDA	7.16
EV/Revenues	1.46

National Agricultural Development Co. (NADEC)

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NADEC profit up 3% to SAR 218.7M in H1 2025; Q2 at SAR 115.3M

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Financials (M)

Current Quarter Comparison (M)

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Financial results (Million)

Profit Performance (Million)

Profit Performance (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 Q2

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 profit up 3% to SAR 218.7M in H1 2025; Q2 at SAR 115.3M

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2025

Revenue by Business Segment (Latest) 2025 Q2

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)