NADEC’s Q3 robust figures backed by products’ sales, says CEO

The National Agricultural Development Company (NADEC) reported strong figures in Q3 2018, boosted by the company’s sales of products including milk, yogurt, juice, and olive oil, CNBC Arabia has reported, citing Abdulaziz Al-Babtain, managing director and chief executive officer (CEO).

NADEC is producing the fresh cow's milk at a low cost, as it sources high-quality Alfalfa at affordable prices and uses several cost-cutting programs.

The Saudi company imports 15-20 percent of its Alfalfa needs from Sudan, Al-Babtain stated, adding that it has long-term agreements with a number of countries including Australia, Argentina, South Africa, and Italy, from which it gets more than 150,000 tons per annum (tpa) of Alfalfa.

NADEC reported net earnings of SAR 35.1 million in Q3 2018, compared to net profit of SAR 17.3 million in year-earlier period.