NADEC profit surges to SAR 213.2M in H1 2024; Q2 at SAR 111.9M

21/07/2024 Argaam Exclusive

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National Agricultural Development Co. (NADEC) reported an over two-fold increase in H1 2024 net profit to SAR 213.2 million, compared with SAR 102.8 million a year earlier

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	1,535.27	1,647.64	7.3 %
Gross Income	574.03	621.27	8.2 %
Operating Income	135.99	195.57	43.8 %
Net Income	102.82	213.21	107.4 %
Average Shares	157.04	301.64	92.1 %
EPS (Riyals)	0.65	0.71	8.0 %

The company’s revenue grew by 7.32% year-on-year (YoY) mainly due to higher sales of dairy and food processing segment by 2.04%, and, revenue of SAR 92.78 million from the new protein segment. However, this increase was partially offset by a decrease in agriculture sales by 21.87%.

The ratio of cost of sales to revenue decreased by 0.32% YoY on higher selling prices.

In H1 2023, a provision of SAR 40.50 million was set for the other doubtful receivables, but no such provision in H1 2024. The previous period also included fixed assets impairment losses of SAR 10.61 million against depreciable assets.

Treasury income reached SAR 42.74 million on Murabaha bank deposits made from unused rights issue proceeds in the current period and no such income available in similar period last year.

In addition, financing cost fell by 47.48% YoY on lower borrowings.

Selling and marketing expenses increased by 3.33% YoY due to higher distribution costs. General and administrative expenses also rose by 38.24% YoY on increase in employee costs. In addition, Zakat expenses grew by SAR 19.50 million YoY.

The second-quarter net earnings jumped 72% to SAR 111.9 million, from SAR 65.1 million in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	785.86	790.06	0.5 %
Gross Income	295.88	298.57	0.9 %
Operating Income	78.76	98.24	24.7 %
Net Income	65.13	111.88	71.8 %
Average Shares	157.04	301.64	92.1 %
EPS (Riyals)	0.41	0.37	(10.6 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	857.58	790.06	(7.9 %)
Gross Income	322.71	298.57	(7.5 %)
Operating Income	97.32	98.24	0.9 %
Net Income	101.33	111.88	10.4 %
Average Shares	301.64	301.64	-
EPS (Riyals)	0.34	0.37	10.4 %

Revenue increased by 0.53% YoY in Q2 2024, while, the ratio of cost of sales to revenue decreased by 0.14% YoY.

Selling and marketing expenses fell by 7.47% YoY. General and administrative expenses increased by 30.82% YoY. Zakat expenses rose by SAR 5.15 million compared to the similar quarter in last year.

The company posted a treasury income of SAR 21.52 million earned on Murabaha bank deposits made from unused rights issue proceeds in the current quarter and no such income available in similar quarter last year.

Sequentially, NADEC’s net profits grew by 10.4% from SAR 101.3 million in Q1 2024.

Shareholders’ equity, no minority interest, rose to SAR 3.80 billion as of June 30, 2024, from SAR 1.39 billion in the year-earlier period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	534.41	10.4 %	201.91	11.2 %	36.82	7.0 %
Q2 2015	689.65	19.8 %	258.42	23.3 %	49.92	44.2 %
Q3 2015	566.66	12.3 %	241.42	19.4 %	56.31	15.6 %
Q4 2015	553.18	8.9 %	248.35	36.7 %	43.29	44.1 %
2015	2,328.59	12.4 %	942.56	21.6 %	171.38	16.0 %
Q1 2016	509.36	(4.7 %)	202.88	0.5 %	39.53	7.4 %
Q2 2016	638.59	(7.4 %)	245.44	(5.0 %)	52.82	5.8 %
Q3 2016	550.24	(2.9 %)	203.74	(15.6 %)	52.15	(7.4 %)
Q4 2016	478.32	(13.5 %)	186.58	(24.9 %)	30.39	(29.8 %)
2016	2,176.49	(6.5 %)	837.86	(11.1 %)	173.03	1.0 %
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	474.09	-	162.54	-	19.36	-
Q2 2018	559.72	-	212.38	-	39.58	-
Q3 2018	574.71	-	221.26	-	58.99	-
Q4 2018	487.52	-	178.90	-	12.54	-
2018	2,096.03	-	775.08	-	130.47	-
Q1 2019	530.47	11.9 %	203.27	25.1 %	42.88	121.5 %
Q2 2019	604.19	7.9 %	227.57	7.2 %	53.48	35.1 %
Q3 2019	578.45	0.7 %	218.31	(1.3 %)	62.51	6.0 %
Q4 2019	512.15	5.1 %	195.44	9.2 %	33.01	163.2 %
2019	2,225.26	6.2 %	844.60	9.0 %	191.88	47.1 %
Q1 2020	559.15	5.4 %	202.47	(0.4 %)	36.07	(15.9 %)
Q2 2020	608.06	0.6 %	211.64	(7.0 %)	33.04	(38.2 %)
Q3 2020	587.23	1.5 %	182.87	(16.2 %)	10.01	(84.0 %)
Q4 2020	548.62	7.1 %	128.87	(34.1 %)	(14.98)	(145.4 %)
2020	2,303.06	3.5 %	725.84	(14.1 %)	64.14	(66.6 %)
Q1 2021	540.96	(3.3 %)	174.60	(13.8 %)	24.66	(31.6 %)
Q2 2021	548.74	(9.8 %)	167.19	(21.0 %)	11.52	(65.1 %)
Q3 2021	610.76	4.0 %	180.66	(1.2 %)	24.74	147.2 %
Q4 2021	571.86	4.2 %	108.40	(15.9 %)	(67.24)	(348.9 %)
2021	2,272.33	(1.3 %)	630.84	(13.1 %)	(6.32)	(109.8 %)
Q1 2022	613.53	13.4 %	191.19	9.5 %	34.98	41.8 %
Q2 2022	707.75	29.0 %	191.37	14.5 %	37.43	224.9 %
Q3 2022	702.67	15.0 %	220.39	22.0 %	48.97	97.9 %
Q4 2022	670.30	17.2 %	205.39	89.5 %	38.17	156.8 %
2022	2,694.25	18.6 %	808.33	28.1 %	159.55	2625.6 %
Q1 2023	749.41	22.1 %	278.15	45.5 %	65.84	88.2 %
Q2 2023	785.86	11.0 %	295.88	54.6 %	78.76	110.4 %
Q3 2023	861.10	22.5 %	323.61	46.8 %	97.75	99.6 %
Q4 2023	800.60	19.4 %	286.11	39.3 %	87.73	129.8 %
2023	3,196.97	18.7 %	1,183.74	46.4 %	338.20	112.0 %
Q1 2024	857.58	14.4 %	322.71	16.0 %	97.32	47.8 %
Q2 2024	790.06	0.5 %	298.57	0.9 %	98.24	24.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	2,072.36	7.5 %	774.97	10.0 %	147.76	13.5 %
2015	2,328.59	12.4 %	942.56	21.6 %	171.38	16.0 %
2016	2,176.49	(6.5 %)	837.86	(11.1 %)	173.03	1.0 %
2017	-	-	-	-	-	-
2018	2,096.03	-	775.08	-	130.47	-
2019	2,225.26	6.2 %	844.60	9.0 %	191.88	47.1 %
2020	2,303.06	3.5 %	725.84	(14.1 %)	64.14	(66.6 %)
2021	2,272.33	(1.3 %)	630.84	(13.1 %)	(6.32)	(109.8 %)
2022	2,694.25	18.6 %	808.33	28.1 %	159.55	2625.6 %
2023	3,196.97	18.7 %	1,183.74	46.4 %	338.20	112.0 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	26.16	5.6 %	0.12	-	26.16	0.12
Q2 2015	35.10	25.4 %	0.16	-	35.10	0.16
Q3 2015	45.69	32.8 %	0.21	-	45.69	0.21
Q4 2015	34.37	71.7 %	0.16	-	38.35	0.18
2015	141.32	31.8 %	0.66	-	145.30	0.68
Q1 2016	23.75	(9.2 %)	0.11	-	25.60	0.12
Q2 2016	35.57	1.3 %	0.17	-	39.02	0.18
Q3 2016	28.65	(37.3 %)	0.13	-	33.53	0.16
Q4 2016	6.26	(81.8 %)	0.03	-	17.11	0.08
2016	94.23	(33.3 %)	0.44	-	115.25	0.54
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	(5.02)	-	(0.02)	-	(5.02)	(0.02)
Q2 2018	19.51	-	0.09	-	19.51	0.09
Q3 2018	35.13	-	0.17	-	35.13	0.17
Q4 2018	(47.88)	-	(0.22)	-	4.79	0.02
2018	1.74	-	0.01	-	54.42	0.26
Q1 2019	(3.67)	26.9 %	(0.02)	-	17.10	0.08
Q2 2019	7.07	(63.8 %)	0.03	-	31.77	0.15
Q3 2019	49.32	40.4 %	0.23	-	46.97	0.22
Q4 2019	(60.01)	(25.3 %)	(0.28)	-	19.79	0.09
2019	(7.30)	(518.9 %)	(0.03)	-	115.63	0.54
Q1 2020	18.19	595.3 %	0.09	-	18.19	0.09
Q2 2020	131.63	1763.1 %	0.62	-	20.01	0.09
Q3 2020	(44.89)	(191.0 %)	(0.21)	-	(1.01)	0.00
Q4 2020	(69.27)	(15.4 %)	(0.33)	-	(12.02)	(0.06)
2020	35.66	588.6 %	0.17	-	25.18	0.12
Q1 2021	6.37	(65.0 %)	0.03	-	6.37	0.03
Q2 2021	(17.35)	(113.2 %)	(0.08)	-	(17.35)	(0.08)
Q3 2021	3.21	107.2 %	0.02	-	3.21	0.02
Q4 2021	(277.26)	(300.3 %)	(1.30)	-	(128.66)	(0.60)
2021	(285.03)	(899.4 %)	(1.34)	-	(136.43)	(0.64)
Q1 2022	15.12	137.6 %	0.07	-	15.12	0.07
Q2 2022	27.49	258.5 %	0.13	-	27.49	0.13
Q3 2022	27.75	763.6 %	0.13	-	27.75	0.13
Q4 2022	25.12	109.1 %	0.12	-	25.12	0.12
2022	95.49	133.5 %	0.45	-	95.49	0.45
Q1 2023	37.69	149.2 %	0.24	-	37.69	0.24
Q2 2023	65.13	136.9 %	0.41	-	65.13	0.41
Q3 2023	75.27	171.2 %	0.48	-	75.27	0.48
Q4 2023	123.98	393.6 %	0.41	26.00	97.98	0.32
2023	302.06	216.3 %	1.00	26.00	276.06	0.92
Q1 2024	101.33	168.9 %	0.34	-	101.33	0.34
Q2 2024	111.88	71.8 %	0.37	-	111.88	0.37

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	107.20	7.0 %	0.50	-	107.20	0.50
2015	141.32	31.8 %	0.66	-	145.30	0.68
2016	94.23	(33.3 %)	0.44	-	115.25	0.54
2017	-	-	-	-	-	-
2018	1.74	-	0.01	-	54.42	0.26
2019	(7.30)	(518.9 %)	(0.03)	-	115.63	0.54
2020	35.66	588.6 %	0.17	-	25.18	0.12
2021	(285.03)	(899.4 %)	(1.34)	-	(136.43)	(0.64)
2022	95.49	133.5 %	0.45	-	95.49	0.45
2023	302.06	216.3 %	1.00	26.00	276.06	0.92

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	37.46 %	18.15 %	5.12 %
Q2 2015	37.74 %	18.33 %	5.17 %
Q3 2015	38.43 %	18.61 %	5.52 %
Q4 2015	40.54 %	19.28 %	6.20 %
2015	40.48 %	18.76 %	6.24 %
Q1 2016	41.01 %	20.08 %	6.24 %
Q2 2016	41.37 %	21.22 %	6.55 %
Q3 2016	39.99 %	21.73 %	6.06 %
Q4 2016	38.53 %	22.08 %	5.30 %
2016	38.50 %	21.99 %	5.30 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	35.08 %	19.38 %	0.04 %
Q2 2018	35.88 %	19.59 %	0.82 %
Q3 2018	36.80 %	19.85 %	2.03 %
Q4 2018	36.98 %	19.22 %	2.60 %
2018	36.98 %	19.22 %	2.60 %
Q1 2019	37.90 %	19.55 %	3.56 %
Q2 2019	37.83 %	19.83 %	4.04 %
Q3 2019	37.63 %	19.99 %	4.57 %
Q4 2019	37.96 %	21.11 %	5.20 %
2019	37.96 %	21.11 %	5.20 %
Q1 2020	37.44 %	20.91 %	5.18 %
Q2 2020	36.67 %	20.23 %	4.65 %
Q3 2020	34.96 %	17.94 %	2.51 %
Q4 2020	31.52 %	15.49 %	1.09 %
2020	31.52 %	15.49 %	1.09 %
Q1 2021	30.55 %	14.84 %	0.58 %
Q2 2021	29.36 %	13.99 %	(1.08 %)
Q3 2021	28.96 %	14.30 %	(0.88 %)
Q4 2021	27.76 %	11.60 %	(6.00 %)
2021	27.76 %	11.60 %	(6.00 %)
Q1 2022	27.61 %	11.42 %	(5.44 %)
Q2 2022	26.82 %	11.44 %	(3.31 %)
Q3 2022	27.40 %	11.63 %	(2.25 %)
Q4 2022	30.00 %	14.77 %	3.54 %
2022	30.00 %	14.77 %	3.54 %
Q1 2023	31.63 %	14.93 %	4.17 %
Q2 2023	34.38 %	15.83 %	5.35 %
Q3 2023	35.97 %	16.67 %	6.63 %
Q4 2023	37.03 %	17.66 %	8.64 %
2023	37.03 %	17.91 %	8.64 %
Q1 2024	37.16 %	18.17 %	10.28 %
Q2 2024	37.20 %	-	11.68 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	37.40 %	18.12 %	5.17 %
2015	40.48 %	18.76 %	6.24 %
2016	38.50 %	21.99 %	5.30 %
2017	-	-	-
2018	36.98 %	19.22 %	2.60 %
2019	37.96 %	21.11 %	5.20 %
2020	31.52 %	15.49 %	1.09 %
2021	27.76 %	11.60 %	(6.00 %)
2022	30.00 %	14.77 %	3.54 %
2023	37.03 %	17.91 %	8.64 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	37.78 %	18.55 %	4.90 %
Q2 2015	37.47 %	16.63 %	5.09 %
Q3 2015	42.60 %	21.70 %	8.06 %
Q4 2015	44.89 %	20.81 %	6.93 %
Q1 2016	39.83 %	22.15 %	5.03 %
Q2 2016	38.43 %	20.40 %	6.11 %
Q3 2016	37.03 %	23.81 %	6.09 %
Q4 2016	39.01 %	22.24 %	3.58 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	34.28 %	19.22 %	(1.06 %)
Q2 2018	37.95 %	19.06 %	3.49 %
Q3 2018	38.50 %	22.24 %	6.11 %
Q4 2018	36.70 %	15.85 %	0.98 %
Q1 2019	38.32 %	20.56 %	3.22 %
Q2 2019	37.67 %	20.09 %	5.26 %
Q3 2019	37.74 %	22.84 %	8.12 %
Q4 2019	38.16 %	20.91 %	3.86 %
Q1 2020	36.21 %	19.78 %	3.25 %
Q2 2020	34.81 %	17.57 %	3.29 %
Q3 2020	31.14 %	13.96 %	(0.17 %)
Q4 2020	23.49 %	10.44 %	(2.19 %)
Q1 2021	32.28 %	17.20 %	1.18 %
Q2 2021	30.47 %	14.41 %	(3.16 %)
Q3 2021	29.58 %	15.09 %	0.53 %
Q4 2021	18.95 %	(0.11 %)	(22.50 %)
Q1 2022	31.16 %	15.82 %	2.46 %
Q2 2022	27.04 %	13.82 %	3.88 %
Q3 2022	31.37 %	15.32 %	3.95 %
Q4 2022	30.64 %	14.23 %	3.75 %
Q1 2023	37.12 %	16.23 %	5.03 %
Q2 2023	37.65 %	17.28 %	8.29 %
Q3 2023	37.58 %	18.40 %	8.74 %
Q4 2023	35.74 %	18.57 %	12.24 %
Q1 2024	37.63 %	18.40 %	11.82 %
Q2 2024	37.79 %	-	14.16 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	212.89	0.51	0.51	5.87
Q2 2015	212.89	0.54	0.54	6.03
Q3 2015	212.89	0.60	0.60	6.25
Q4 2015	212.89	0.66	0.68	6.41
Q1 2016	212.89	0.65	0.68	6.48
Q2 2016	212.89	0.65	0.70	6.52
Q3 2016	212.89	0.57	0.64	6.66
Q4 2016	212.89	0.44	0.54	6.66
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	212.89	0.14	0.00	6.67
Q2 2018	212.89	0.11	0.08	6.76
Q3 2018	212.89	0.20	0.20	6.93
Q4 2018	212.89	0.01	0.26	6.79
Q1 2019	212.89	0.01	0.36	6.78
Q2 2019	212.89	(0.04)	0.42	6.81
Q3 2019	212.89	0.02	0.47	7.04
Q4 2019	212.89	(0.03)	0.54	6.77
Q1 2020	212.89	0.07	0.55	6.85
Q2 2020	212.89	0.65	0.49	7.47
Q3 2020	212.89	0.21	0.27	7.26
Q4 2020	212.89	0.17	0.12	6.94
Q1 2021	212.89	0.11	0.06	6.97
Q2 2021	212.89	(0.59)	(0.11)	6.89
Q3 2021	212.89	(0.36)	(0.09)	6.91
Q4 2021	212.89	(1.34)	(0.64)	5.62
Q1 2022	212.89	(1.30)	(0.60)	5.69
Q2 2022	212.89	(1.09)	(0.39)	5.82
Q3 2022	212.89	(0.97)	(0.27)	5.95
Q4 2022	212.89	0.45	0.45	6.08
Q1 2023	157.04	0.75	0.75	8.49
Q2 2023	157.04	0.99	0.99	8.90
Q3 2023	157.04	1.29	1.29	9.38
Q4 2023	301.64	1.00	0.92	11.91
Q1 2024	301.64	1.21	1.13	12.25
Q2 2024	301.64	1.37	1.28	12.62

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	212.89	0.50	0.50	5.91
2015	212.89	0.66	0.68	6.41
2016	212.89	0.44	0.54	6.66
2017	-	-	-	-
2018	212.89	0.01	0.26	6.79
2019	212.89	(0.03)	0.54	6.77
2020	212.89	0.17	0.12	6.94
2021	212.89	(1.34)	(0.64)	5.62
2022	212.89	0.45	0.45	6.08
2023	301.64	1.00	0.92	11.91

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	35.79	35.79	3.11
Q2 2015	31.73	31.73	2.86
Q3 2015	25.57	25.57	2.44
Q4 2015	24.77	24.10	2.57
Q1 2016	16.88	16.20	1.70
Q2 2016	18.70	17.53	1.88
Q3 2016	17.66	15.83	1.52
Q4 2016	30.52	24.95	2.03
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	More than 100	More than 100	3.30
Q2 2018	More than 100	More than 100	2.98
Q3 2018	90.13	90.13	2.57
Q4 2018	More than 100	64.96	2.44
Q1 2019	More than 100	42.34	2.25
Q2 2019	NEG	32.71	2.00
Q3 2019	More than 100	31.49	2.11
Q4 2019	NEG	28.65	2.30
Q1 2020	More than 100	22.52	1.80
Q2 2020	28.94	38.36	2.53
Q3 2020	More than 100	81.02	2.99
Q4 2020	More than 100	More than 100	2.90
Q1 2021	More than 100	More than 100	3.06
Q2 2021	NEG	NEG	3.95
Q3 2021	NEG	NEG	3.58
Q4 2021	NEG	NEG	3.66
Q1 2022	NEG	NEG	3.60
Q2 2022	NEG	NEG	3.65
Q3 2022	NEG	NEG	2.93
Q4 2022	30.80	30.80	2.27
Q1 2023	33.73	33.73	2.99
Q2 2023	38.21	38.21	4.26
Q3 2023	33.67	33.67	4.64
Q4 2023	27.81	30.43	2.34
Q1 2024	23.92	25.75	2.37
Q2 2024	22.78	24.31	2.47

Period	P/E	Adjusted P/E	Price/book
2014	28.33	28.33	2.41
2015	24.77	24.10	2.57
2016	30.52	24.95	2.03
2017	-	-	-
2018	More than 100	64.96	2.44
2019	NEG	28.65	2.30
2020	More than 100	More than 100	2.90
2021	NEG	NEG	3.66
2022	30.80	30.80	2.27
2023	27.81	30.43	2.34

Business Segments (Million)

Compared With The

Period	Diary and food production Sector	Agricultural Activity	Protein.	Adjustments
Q1 2015	478.00	56.00	-	-
Q2 2015	563.00	134.00	-	-
Q3 2015	468.00	54.00	-	-
Q4 2015	514.00	62.00	-	-
Q1 2016	477.97	50.36	-	(18.98)
Q2 2016	557.12	153.10	-	(71.63)
Q3 2016	501.92	130.07	-	(81.74)
Q4 2016	412.51	(106.54)	-	-
Q1 2017	454.05	49.71	-	(21.83)
Q2 2017	522.99	155.92	-	(100.26)
Q3 2017	463.36	140.82	-	(93.43)
Q4 2017	419.96	116.16	-	(74.98)
Q1 2018	435.05	72.91	-	(33.88)
Q2 2018	485.11	149.04	-	(74.44)
Q3 2018	506.35	155.11	-	(86.76)
Q4 2018	460.47	65.34	-	(38.29)
Q1 2019	502.12	50.71	-	(22.36)
Q2 2019	559.68	59.21	-	(14.69)
Q3 2019	542.40	55.99	-	(19.94)
Q4 2019	495.71	33.58	-	(17.15)
Q1 2020	529.79	48.62	-	(19.26)
Q2 2020	572.05	49.27	-	(13.26)
Q3 2020	557.70	54.97	-	(25.44)
Q4 2020	502.70	68.38	-	(22.46)
Q3 2021	587.74	46.93	-	(23.91)
Q4 2021	540.45	44.65	-	(13.24)
Q1 2022	596.91	33.17	-	(16.55)
Q2 2022	660.80	62.49	-	(15.54)
Q3 2022	687.01	24.59	-	(8.93)
Q4 2022	655.77	23.08	-	(8.55)
Q1 2023	749.16	11.43	-	(11.18)
Q2 2023	736.85	63.62	-	(14.62)
Q3 2023	836.54	34.97	-	(10.41)
Q4 2023	757.54	57.80	-	(14.75)
Q1 2024	804.74	16.93	48.88	(12.97)

Period	Diary and food production Sector	Agricultural Activity	Protein.	Adjustments
2014	1,876.00	196.00	-	-
2015	2,023.00	306.00	-	-
2016	1,949.52	226.98	-	-
2017	1,860.36	462.61	-	(290.49)
2018	1,886.99	442.40	-	(233.36)
2019	2,099.91	199.49	-	(74.15)
2020	2,162.24	221.24	-	(80.42)
2021	2,196.72	162.32	-	(86.72)
2022	2,600.49	143.33	-	(49.57)
2023	3,080.10	167.82	-	(50.96)

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	100.25	111.88	11.60 %

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
Al Rajhi Capital	116.00	111.88	(3.6) %
YAQEEN	104.00	111.88	7.6 %
Hermes	101.00	111.88	10.8 %
United Securities Company	80.00	111.88	39.9 %

Financial Ratios

	Current
Market Cap (M Riyal)	9,139.69
Enterprise Value (EV) (M)	8,037.18
Shares Outstanding ((M))	301.64
EPS ( Riyal) (TTM)	1.37
Book Value (BV) ( Riyal)	12.62
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	23.65
P/E (TTM)	22.16
Price/book	2.40
Return on Average Assets (%) (TTM)	8.7
Return on Average Equity (%) (TTM)	15.9

National Agricultural Development Co. (NADEC)

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
NADEC	100.25	111.88	11.6 %
TADAWUL GROUP	153.25	163.83	6.9 %
SIPCHEM	197.04	121.50	(38.3 %)

Company	Estimated	Actual	Change
NADEC	100.25	111.88	11.6 %
TADAWUL GROUP	153.25	163.83	6.9 %

Company	Estimated	Actual	Change
SIPCHEM	197.04	121.50	(38.3 %)

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NADEC profit surges to SAR 213.2M in H1 2024; Q2 at SAR 111.9M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

National Agricultural Development Co. (NADEC)

Quarterly Actuals vs Estimates 21/07/202421/07/2024

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NADEC profit surges to SAR 213.2M in H1 2024; Q2 at SAR 111.9M

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

National Agricultural Development Co. (NADEC)

Quarterly Actuals vs Estimates 21/07/202421/07/2024

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Business Segments (Million)