NADEC H1 2020 net profit rises to SAR 149.8 mln

25/08/2020 Argaam Exclusive

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National Agricultural Development Co. (NADEC) posted a net profit after Zakat and tax of SAR 149.8 million for H1 2020 compared to SAR 3.4 million in the year-earlier period.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	1,134.66	1,167.21	2.9 %
Gross Income	430.85	414.11	(3.9 %)
Operating Income	96.36	69.11	(28.3 %)
Net Income	3.39	149.81	4315.4 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.02	0.70	4315.4 %

The company attributed the increase to a 2.87% increase in revenue, and 33.18% decrease in finance cost.

During the current period, the company also received a letter from Ministry of Environment, Water and Agriculture granting the ownership for the revived area of land in Hail, Wadi Al Dawasir, and Al Jouf.

NADEC recognized a net gain of SAR 111.81 million in the statement of profit and loss under other income and net expenses on account of differential land received as compared to the land already accounted in books.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	604.19	608.06	0.6 %
Gross Income	227.57	211.64	(7.0 %)
Operating Income	53.48	33.04	(38.2 %)
Net Income	7.07	131.63	1763.1 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.03	0.62	1763.1 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	559.15	608.06	8.7 %
Gross Income	202.47	211.64	4.5 %
Operating Income	36.07	33.04	(8.4 %)
Net Income	18.19	131.63	623.8 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.09	0.62	623.8 %

The second quarter’s net profit after Zakat and tax reached SAR 131.6 million compared to SAR 7 million in Q2 2019, due to 0.64% rise in revenue, 0.99% drop in selling and marketing expenses, and 39.63% decrease in finance cost.

When compared to the previous quarter, NADEC reported profit due to 8.75% rise in revenue.

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