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 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	587.23	548.62	(6.6 %)
Gross Income	182.87	128.87	(29.5 %)
Operating Income	10.01	(14.98)	(249.7 %)
Net Income	(44.89)	(69.27)	(54.3 %)
Average Shares	212.89	212.89	-
EPS (Riyals)	(0.21)	(0.33)	(54.3 %)

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