NADEC swings to loss of SAR 285 mln in 2021; Q4 at SAR 277.3 mln

24/03/2022 Argaam Exclusive

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National Agricultural Development Co. (NADEC) turned to a net loss after Zakat and tax of SAR 285 million in 2021, against a net profit after Zakat and tax of SAR 35.7 million a year earlier.

The loss was attributed to a 3.39% year-on-year (YoY) decline in revenue as sales of the agricultural segment fell by 36.94% YoY, with the sales of dairy and food processing business also declining marginally by 0.84% YoY.

The cost of sales rose by 3.49% YoY. General and administrative expenses also rose by 31.18% YoY.

Financials (M)

Item	2020	2021	Change‬
Revenues	2,303.06	2,272.33	(1.3 %)
Gross Income	725.84	630.84	(13.1 %)
Operating Income	64.14	(6.32)	(109.8 %)
Net Income	35.66	(285.03)	(899.4 %)
Average Shares	212.89	212.89	-
EPS (Riyals)	0.17	(1.34)	(899.4 %)

The company swung to a net loss after Zakat and tax of SAR 277.3 million for Q4 2021, against a net profit after Zakat and tax of SAR 69.27 million in the same quarter last year.

NADEC posted a net profit after Zakat and tax of SAR 3.21 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	548.62	571.86	4.2 %
Gross Income	128.87	108.40	(15.9 %)
Operating Income	(14.98)	(67.24)	(348.9 %)
Net Income	(69.27)	(277.26)	(300.3 %)
Average Shares	212.89	212.89	-
EPS (Riyals)	(0.33)	(1.30)	(300.3 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	610.76	571.86	(6.4 %)
Gross Income	180.66	108.40	(40.0 %)
Operating Income	24.74	(67.24)	(371.8 %)
Net Income	3.21	(277.26)	(8726.6 %)
Average Shares	212.89	212.89	-
EPS (Riyals)	0.02	(1.30)	(8726.6 %)

Shareholders’ equity, after minority interest, dropped 19.1% to SAR 1.195 billion in 2021, from SAR 1.478 billion in 2020.

Accumulated losses as of Dec. 31, 2021 reached SAR 30.11 million representing 2.96% from the company's paid-up capital of SAR 1.016 billion.

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