Financial Results : NADEC net profit surges to SAR 15.1 mln in Q1 2022

NADEC net profit surges to SAR 15.1 mln in Q1 2022

22/05/2022 Argaam Exclusive

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National Agricultural Development Co. (NADEC) reported a net profit after Zakat and tax of SAR 15.1 million for Q1 2022 from SAR 6.4 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 540.96 613.53 13.4 %
Gross Income 174.60 191.19 9.5 %
Operating Income 24.66 34.98 41.8 %
Net Income 6.37 15.12 137.6 %
Average Shares 212.89 212.89 -
EPS (Riyals) 0.03 0.07 137.6 %

The profit increase was driven by higher sales from the dairy and food segment, as well as the agricultural segment.

 

Sequentially, the company turned to a profit in Q1 2022 against a loss of SAR 277.3 million in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 1.211 billion as of March 31, 2022, dropping by 18.4% from SAR 1.4846 billion a year earlier.

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