National Agricultural Development Co. (NADEC) posted a net profit after Zakat and tax of SAR 104.9 million for the first nine months of 2020, compared to a profit of SAR 52.7 million in the year-earlier period.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 1,713.11 | 1,754.44 | 2.4 % |
| Gross Income | 649.16 | 596.97 | (8.0 %) |
| Operating Income | 158.87 | 79.12 | (50.2 %) |
| Net Income | 52.71 | 104.92 | 99.0 % |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | 0.25 | 0.49 | 99.0 % |
The firm said during the current period it was granted the ownership for some land plots in Hail, Wadi Al Dawasir and Al Jouf, which resulted in net gain of SAR 111.81 million under other income.
NADEC also noted higher revenue and lower finance costs.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 578.45 | 587.23 | 1.5 % |
| Gross Income | 218.31 | 182.87 | (16.2 %) |
| Operating Income | 62.51 | 10.01 | (84.0 %) |
| Net Income | 49.32 | (44.89) | (191.0 %) |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | 0.23 | (0.21) | (191.0 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 608.06 | 587.23 | (3.4 %) |
| Gross Income | 211.64 | 182.87 | (13.6 %) |
| Operating Income | 33.04 | 10.01 | (69.7 %) |
| Net Income | 131.63 | (44.89) | (134.1 %) |
| Average Shares | 212.89 | 212.89 | - |
| EPS (Riyals) | 0.62 | (0.21) | (134.1 %) |
NADEC swung to net loss after Zakat and tax of SAR 44.9 million in Q3 2020, versus a profit of SAR 49.3 million in the same period last year, due to impairment losses on property, plant and equipment, along with higher cost of sales and marketing expenses.
On a quarterly basis, the company turned to losses in Q3 2020 compared to a profit of SAR 131.6 million in Q2 2020.
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