NADEC swings to SAR 35.7 mln profit in 2020

16/03/2021 Argaam Exclusive

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 National Agricultural Development Co. (NADEC) reported a net profit after Zakat and tax of SAR 35.7 million in 2020, versus net loss of SAR 7.3 million a year earlier.



Financials (M)

Item 2019 2020 Change‬
Revenues 2,225.26 2,303.06 3.5 %
Gross Income 844.60 725.84 (14.1 %)
Operating Income 191.88 64.14 (66.6 %)
Net Income (7.30) 35.66 588.6 %
Average Shares 212.89 212.89 -
EPS (Riyals) (0.03) 0.17 588.6 %

These earnings were driven by grant income related to land in Hail, Wadi Al Dawasir and Al Jouf, a 3.50% increase in revenue and a 2.45% drop in general and administrative expenses.

 

The company also cited a slump of SAR 2.57 million in impairment losses on trade receivables and a 42.14% tumble in financing costs.

 

NADEC widened losses to SAR 69.3 million in Q4 2020, versus SAR 60 million in year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 512.15 548.62 7.1 %
Gross Income 195.44 128.87 (34.1 %)
Operating Income 33.01 (14.98) (145.4 %)
Net Income (60.01) (69.27) (15.4 %)
Average Shares 212.89 212.89 -
EPS (Riyals) (0.28) (0.33) (15.4 %)

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