Financial Results : NADEC Q1 2023 profit soars to SAR 37.7 mln

NADEC Q1 2023 profit soars to SAR 37.7 mln

03/05/2023 Argaam Exclusive

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National Agricultural Development Co. (NADEC) reported an over twofold increase in Q1 2023 net profit to SAR 37.7 million, from SAR 15.1 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 613.53 749.41 22.1 %
Gross Income 191.19 278.15 45.5 %
Operating Income 34.98 65.84 88.2 %
Net Income 15.12 37.69 149.2 %
Average Shares 212.89 212.89 -
EPS (Riyals) 0.07 0.18 149.2 %

The profit surge was spurred by revenue, which increased by 22.15% year-on-year (YoY), mainly on account of a rise of 26.84% YoY in the dairy and food processing sales. However, this was partially offset by a decrease in sales of agricultural segment.

 

The cost of sales to revenue ratio declined in Q1 2023 by 5.95% YoY on better sales and lower animal feed prices.

 

Gross profit leapfrogged 45.49% YoY.

 

Operating profit skyrocketed 124.03% YoY, thanks to higher sales and a decline in the cost of sales to revenue ratio.

 

The quarterly profit, however, was offset by an increase of 12.9% YoY in selling and marketing expenses, and a rise of 15.57% YoY in general and administrative expenses.

 

Compared to Q4 2022, the company’s net profit jumped 50% from SAR 25.1 million.

 

Total shareholders’ equity, no minority interest, grew by 10% to SAR 1.33 billion as of March 31, 2023, from SAR 1.21 billion a year earlier.

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