NADEC’s net profit doubles to SAR 104.9 mln in 9M 2020

11/11/2020 Argaam Exclusive

View other reports

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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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.

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×