NADEC H1 2023 profit soars to SAR 102.8 mln; Q2 at SAR 65.1 mln

30/07/2023 Argaam Exclusive

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National Agricultural Development Co. (NADEC) posted a net profit of SAR 102.8 million in the first half of 2023, compared with SAR 42.6 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,321.28	1,535.27	16.2 %
Gross Income	382.56	574.03	50.1 %
Operating Income	72.41	152.72	110.9 %
Net Income	42.62	102.82	141.3 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.20	0.48	141.3 %

In the six-month period, revenue increased by 16.20% year-on-year (YoY), driven mainly by higher sales of the dairy and food processing sector.

The percentage of cost of sales to revenues decreased in H1 2023 by 8.44% YoY on higher selling prices.

During the six-month period, NADEC recognized an amount of SAR 6.40 million, which represents its share of profit from a joint venture investment, against a loss of SAR 8.16 million the similar period last year.

However, selling and marketing expenses increased by 16.60% YoY in H1 2023. General and administrative expenses also rose by 22.17% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	707.75	785.86	11.0 %
Gross Income	191.37	295.88	54.6 %
Operating Income	37.43	86.88	132.1 %
Net Income	27.49	65.13	136.9 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.13	0.31	136.9 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	749.41	785.86	4.9 %
Gross Income	278.15	295.88	6.4 %
Operating Income	65.84	86.88	31.9 %
Net Income	37.69	65.13	72.8 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.18	0.31	72.8 %

The second-quarter net profit after Zakat and tax rose 136.9% to SAR 65.13 million, from SAR 27.49 million in Q2 2022, mainly due to higher revenues and lower cost of sales to revenues.

Compared to Q1 2023, the company’s net profit leapt 72.8% from SAR 37.69 million.

Shareholders’ equity, no minority interest, reached SAR 1.39 billion by the end of H1 2023, from SAR 1.23 billion in the year-earlier period.

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