Financial Results : NADEC turns to losses of SAR 7.8 mln in 9M 2021

NADEC turns to losses of SAR 7.8 mln in 9M 2021

21/10/2021 Argaam Exclusive

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National Agricultural Development Co. (NADEC) reported a net loss after Zakat and tax of SAR 7.8 million for the first nine months of 2021, compared to a net profit after Zakat and tax of SAR 104.9 million in the prior-year period.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 1,754.44 1,700.46 (3.1 %)
Gross Income 596.97 522.44 (12.5 %)
Operating Income 79.12 60.92 (23.0 %)
Net Income 104.92 (7.77) (107.4 %)
Average Shares 212.89 212.89 -
EPS (Riyals) 0.49 (0.04) (107.4 %)

The loss was due to a 5.09% year-on-year (YoY) decline in revenue as sales of dairy and food processing sector declined 2.61%. In addition, sales of the agricultural sector declined 42.15% amid value-added tax (VAT) rate changes in July 2020.

 

The cost of sales rose by 3.02% YoY because of increased direct material costs due to the cancellation of government subsidies on certain items of animal feeds. The general and administrative expenses increased 3.96% YoY. Meanwhile, selling and marketing expenses decreased 13.13% YoY as marketing and promotional activities spending declined.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 587.23 610.76 4.0 %
Gross Income 182.87 180.66 (1.2 %)
Operating Income 10.01 24.74 147.2 %
Net Income (44.89) 3.21 107.2 %
Average Shares 212.89 212.89 -
EPS (Riyals) (0.21) 0.02 107.2 %

The company reported a net profit after Zakat and tax of SAR 3.2 million for Q3 2021, compared to a net loss after Zakat and tax of SAR 44.9 million in the same quarter last year.

 

On a sequential basis, the company turned to profit against a loss of SAR 17.35 million in Q2 2021.

 

Total shareholders’ equity, excluding minority interest, fell 4.85% YoY to SAR 1.47 billion in the first nine months of 2021.

 

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