NADEC profit jumps to SAR 178.1 mln in 9M 2023; Q3 at SAR 75.3 mln

29/10/2023 Argaam Exclusive

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National Agricultural Development Co. (NADEC) posted a net profit of SAR 178.1 million in the first nine months of 2023, compared with SAR 70.4 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	2,023.95	2,396.37	18.4 %
Gross Income	602.95	897.64	48.9 %
Operating Income	121.38	250.06	106.0 %
Net Income	70.37	178.08	153.1 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.33	0.84	153.1 %

The 9M revenue climbed 18.4% year-on-year (YoY) as sales grew in dairy and food processing segments, the first joint-stock agricultural company in Saudi Arabia said.

Cost of sales as percentage to revenue decreased by 7.67% YoY mainly on account of the increase in selling prices. In addition, NADEC recognized SAR 14.01 million as share of profit from joint venture investment, compared to a loss of SAR 8.16 million a year ago.

Meanwhile, selling, marketing, general and administrative expenses increased. Also, NADEC noted a provision of SAR 40.5 million made for doubtful receivables.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	702.67	861.10	22.5 %
Gross Income	220.39	323.61	46.8 %
Operating Income	48.97	97.63	99.4 %
Net Income	27.75	75.27	171.2 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.13	0.35	171.2 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	785.86	861.10	9.6 %
Gross Income	295.88	323.61	9.4 %
Operating Income	86.88	97.63	12.4 %
Net Income	65.13	75.27	15.6 %
Average Shares	212.89	212.89	-
EPS (Riyals)	0.31	0.35	15.6 %

The third-quarter net profit surged 171.2% YoY to SAR 75. 3 million mainly due to higher revenues and lower cost of sales to revenues.

Compared to Q2 2023, the company’s net profit rose 15.6% from SAR 65.13 million.

Shareholders’ equity, no minority interest, reached SAR 1.47 billion by the end of 9M 2023, from SAR 1.26 billion in the year-earlier period.

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