NADEC incurs SAR 7.3 mln loss in FY2019

24/03/2020 Argaam Exclusive

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The National Agricultural Development Company (NADEC) reported a net loss after Zakat and tax of SAR 7.3 million for fiscal year 2019 compared to net profit of SAR 1.7 million in FY2018.

These losses were attributed to loss of derivatives worth SAR 42.94 million, costs of project land development in Sudan worth SAR 79.98 million, increase in selling and marketing expenses by 2.35% due to higher sales volumes, rise in finance costs by 11.49% on higher interest rates, and increase in Zakat expenses by SAR 1.98 million.

However, the losses were partially offset by higher revenues by 6.17% due to increased demand, improved cost of revenue by 0.98% due to better operating efficiency, lower general and administrative expenses by 3.57%, an increase in other income and costs, in addition of lower losses from an impairment in agricultural assets.

Financials (M)

Item	2018	2019	Change‬
Revenues	2,096.03	2,225.26	6.2 %
Gross Income	775.08	844.60	9.0 %
Operating Income	130.47	191.88	47.1 %
Net Income	1.74	(7.30)	(518.9 %)
Average Shares	212.89	212.89	-
EPS (Riyals)	0.01	(0.03)	(518.9 %)

In Q4 2019, the company widened its net losses by 25.3% to SAR 60 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	487.52	512.15	5.1 %
Gross Income	178.90	195.44	9.2 %
Operating Income	12.54	33.01	163.2 %
Net Income	(47.88)	(60.01)	(25.3 %)
Average Shares	212.89	212.89	-
EPS (Riyals)	(0.22)	(0.28)	(25.3 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	578.45	512.15	(11.5 %)
Gross Income	218.31	195.44	(10.5 %)
Operating Income	62.51	33.01	(47.2 %)
Net Income	49.32	(60.01)	(221.7 %)
Average Shares	212.89	212.89	-
EPS (Riyals)	0.23	(0.28)	(221.7 %)

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