NADEC turns to SAR 42.6 mln profit in H1 2022; Q2 at SAR 27.5 mln

National Agricultural Development Co. (NADEC) swung to a net profit after Zakat and tax of SAR 42.6 million in the first half of 2022, against a net loss of SAR 11 million a year earlier.

In the six-month period, revenue increased by 21.25% year-on-year (YoY), as sales of the dairy and food processing segment grew by 17.74%. Selling and marketing expenses decreased by 1.18%, due to lower expenditure on marketing and promotional activities.

Other income for the current period reached SAR 3.44 million compared to a loss of SAR 23.87 million in H1 2021.

In Q2 2022, NADEC turned to a net profit after Zakat and tax of SAR 27.5 million, from a net loss of SAR 17.35 million in the prior-year period, thanks to a rise of 28.98% YoY in revenue, lower selling and marketing expenses, as well as better other income.

On a sequential basis, the second-quarter net profit soared 81.8% from SAR 15.12 million. NADEC cited a 15.36% rise in revenue, compared to Q1 2021.

Other income for the current quarter also increased mainly on lower losses from the sale of biological assets and better sales of ancillary products.

Shareholders’ equity, after minority interest, declined to SAR 1.239 billion as of June 30, 2022, compared to SAR 1.467 billion a year earlier.

View More Financial Results