NADEC profit soars to SAR 302.1M in 2023; Q4 at SAR 124M

18/02/2024 Argaam Exclusive

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National Agricultural Development Co. (NADEC) posted a net profit of SAR 302.1 million in 2023, compared with SAR 95.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	2,694.25	3,196.97	18.7 %
Gross Income	808.33	1,183.74	46.4 %
Operating Income	159.55	338.20	112.0 %
Net Income	95.49	302.06	216.3 %
Average Shares	212.89	301.64	41.7 %
EPS (Riyals)	0.45	1.00	123.3 %

The rise was due to a 19.20% growth in dairy and food segment revenues and a 6.03% increase in agricultural segment sales.

The cost of sales to revenue ratio retreated by 7.02% year-on-year (YoY) in 2023, mainly due to a decrease in materials consumed because of lower material prices and higher production efficiency.

In 2023, the company received a one-time government subsidy of SAR 19.46 million to cover previous years' animal feed purchases.

In addition, NADEC raised its share of the joint project's profits to SAR 21.74 million from SAR 3.30 million in 2022.

NADEC completed the Zakat assessments from 2014–2018 by the end of 2023. Accordingly, it reported reversals of SAR 26 million.

Meanwhile, selling and marketing expenses rose mainly due to the increase in distribution costs and spending on marketing activities and promotional expenses. However, selling and marketing expenses as a percentage of sales declined by 0.62% YoY.

General and administrative expenses expanded in 2023 by 53.36% YoY on rising staff costs and professional consulting fees. The rise was mainly cited in the company's spending on future strategic projects.

The subsidy receivables amounted to SAR 40.5 million in 2023, compared to SAR 7.1 million in 2022.

NADEC recognized the impairment of SAR 24.03 million for idle assets and nonmoving construction work in progress.

Finance costs increased in 2023 by 55.67% YoY, mainly due to the increase in interest rates resulting from higher SAIBOR rates.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	670.30	800.60	19.4 %
Gross Income	205.39	286.11	39.3 %
Operating Income	38.17	87.73	129.8 %
Net Income	25.12	123.98	393.6 %
Average Shares	212.89	301.64	41.7 %
EPS (Riyals)	0.12	0.41	248.3 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	861.10	800.60	(7.0 %)
Gross Income	323.61	286.11	(11.6 %)
Operating Income	97.63	87.73	(10.1 %)
Net Income	75.27	123.98	64.7 %
Average Shares	212.89	301.64	41.7 %
EPS (Riyals)	0.35	0.41	16.3 %

The fourth-quarter net profit surged 393.5% YoY to SAR 123.98 million from SAR 25.12 million in Q4 2022.

Compared to Q3 2023, the company’s net profit rose 64.7% from SAR 75.27 million.

Shareholders’ equity, no minority interest, rose to SAR 3.59 billion by the end of 2023 from SAR 1.29 billion in the year-earlier period.

Attached Documents

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	484.04	14.0 %	181.66	12.2 %	34.41	30.9 %
Q2 2014	575.64	6.0 %	209.51	13.6 %	34.61	(8.3 %)
Q3 2014	504.62	(1.5 %)	202.12	6.7 %	48.70	17.4 %
Q4 2014	508.06	13.3 %	181.69	7.6 %	30.03	21.5 %
2014	2,072.36	7.5 %	774.97	10.0 %	147.76	13.5 %
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	481.94	(5.4 %)	183.29	(9.7 %)	23.14	(41.5 %)
Q2 2017	578.64	(9.4 %)	203.13	(17.2 %)	28.67	(45.7 %)
Q3 2017	510.76	(7.2 %)	179.16	(12.1 %)	26.24	(49.7 %)
Q4 2017	461.14	(3.6 %)	165.50	(11.3 %)	1.98	(93.5 %)
2017	2,032.48	(6.6 %)	731.08	(12.7 %)	82.08	(52.6 %)
Q1 2018	474.09	(1.6 %)	162.54	(11.3 %)	19.36	(16.3 %)
Q2 2018	559.72	(3.3 %)	212.38	4.6 %	39.58	38.1 %
Q3 2018	574.71	12.5 %	221.26	23.5 %	58.99	124.8 %
Q4 2018	487.52	5.7 %	178.90	8.1 %	12.54	534.4 %
2018	2,096.03	3.1 %	775.08	6.0 %	130.47	59.0 %
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 %	86.88	132.1 %
Q3 2023	861.10	22.5 %	323.61	46.8 %	97.63	99.4 %
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 %

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	2,032.48	(6.6 %)	731.08	(12.7 %)	82.08	(52.6 %)
2018	2,096.03	3.1 %	775.08	6.0 %	130.47	59.0 %
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 2014	24.77	10.9 %	0.12	-	24.77	0.12
Q2 2014	28.00	(6.7 %)	0.13	-	28.00	0.13
Q3 2014	34.41	4.2 %	0.16	-	34.41	0.16
Q4 2014	20.02	35.2 %	0.09	-	20.02	0.09
2014	107.20	7.0 %	0.50	-	107.20	0.50
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	(3.97)	38.35	0.18
2015	141.32	31.8 %	0.66	(3.97)	145.30	0.68
Q1 2016	23.75	(9.2 %)	0.11	(1.86)	25.60	0.12
Q2 2016	35.57	1.3 %	0.17	(3.45)	39.02	0.18
Q3 2016	28.65	(37.3 %)	0.13	(4.88)	33.53	0.16
Q4 2016	6.26	(81.8 %)	0.03	(10.85)	17.11	0.08
2016	94.23	(33.3 %)	0.44	(21.03)	115.25	0.54
Q1 2017	4.34	(81.7 %)	0.02	-	4.34	0.02
Q2 2017	25.89	(27.2 %)	0.12	22.00	3.89	0.02
Q3 2017	17.33	(39.5 %)	0.08	7.69	9.63	0.05
Q4 2017	(7.61)	(221.5 %)	(0.04)	-	(7.61)	(0.04)
2017	39.94	(57.6 %)	0.19	29.69	10.25	0.05
Q1 2018	(5.02)	(215.9 %)	(0.02)	-	(5.02)	(0.02)
Q2 2018	19.51	(24.6 %)	0.09	-	19.51	0.09
Q3 2018	35.13	102.8 %	0.17	-	35.13	0.17
Q4 2018	(47.88)	(529.4 %)	(0.22)	(52.68)	4.79	0.02
2018	1.74	(95.6 %)	0.01	(52.68)	54.42	0.26
Q1 2019	(3.67)	26.9 %	(0.02)	(20.77)	17.10	0.08
Q2 2019	7.07	(63.8 %)	0.03	(24.71)	31.77	0.15
Q3 2019	49.32	40.4 %	0.23	2.35	46.97	0.22
Q4 2019	(60.01)	(25.3 %)	(0.28)	(79.80)	19.79	0.09
2019	(7.30)	(518.9 %)	(0.03)	(122.92)	115.63	0.54
Q1 2020	18.19	595.3 %	0.09	-	18.19	0.09
Q2 2020	131.63	1763.1 %	0.62	111.61	20.01	0.09
Q3 2020	(44.89)	(191.0 %)	(0.21)	(43.89)	(1.01)	0.00
Q4 2020	(69.27)	(15.4 %)	(0.33)	(57.25)	(12.02)	(0.06)
2020	35.66	588.6 %	0.17	10.48	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)	(148.59)	(128.66)	(0.60)
2021	(285.03)	(899.4 %)	(1.34)	(148.59)	(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 %	0.18	-	37.69	0.18
Q2 2023	65.13	136.9 %	0.31	-	65.13	0.31
Q3 2023	75.27	171.2 %	0.35	-	75.27	0.35
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

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	(3.97)	145.30	0.68
2016	94.23	(33.3 %)	0.44	(21.03)	115.25	0.54
2017	39.94	(57.6 %)	0.19	29.69	10.25	0.05
2018	1.74	(95.6 %)	0.01	(52.68)	54.42	0.26
2019	(7.30)	(518.9 %)	(0.03)	(122.92)	115.63	0.54
2020	35.66	588.6 %	0.17	10.48	25.18	0.12
2021	(285.03)	(899.4 %)	(1.34)	(148.59)	(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 2014	36.45 %	17.46 %	4.88 %
Q2 2014	37.10 %	17.35 %	4.92 %
Q3 2014	37.87 %	17.98 %	5.14 %
Q4 2014	37.40 %	18.12 %	5.17 %
2014	37.40 %	18.12 %	5.17 %
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	38.11 %	22.18 %	4.37 %
Q2 2017	37.18 %	21.65 %	2.82 %
Q3 2017	36.70 %	21.04 %	1.71 %
Q4 2017	35.97 %	20.18 %	0.50 %
2017	35.97 %	20.28 %	0.50 %
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 %	16.11 %	5.35 %
Q3 2023	35.97 %	16.93 %	6.63 %
Q4 2023	37.03 %	17.91 %	8.64 %
2023	37.03 %	17.91 %	8.64 %

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	35.97 %	20.28 %	0.50 %
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 2014	37.53 %	18.46 %	5.12 %
Q2 2014	36.40 %	15.64 %	4.86 %
Q3 2014	40.06 %	20.84 %	6.82 %
Q4 2014	35.76 %	17.91 %	3.94 %
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	38.03 %	22.61 %	0.90 %
Q2 2017	35.10 %	18.33 %	0.67 %
Q3 2017	35.08 %	21.50 %	1.89 %
Q4 2017	35.89 %	18.49 %	(1.65 %)
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 %	18.31 %	8.29 %
Q3 2023	37.58 %	18.39 %	8.74 %
Q4 2023	35.74 %	18.57 %	12.24 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	212.89	0.48	0.46	5.53
Q2 2014	212.89	0.47	0.47	5.66
Q3 2014	212.89	0.48	0.49	5.82
Q4 2014	212.89	0.50	0.50	5.91
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	212.89	0.35	0.44	6.68
Q2 2017	212.89	0.31	0.28	6.70
Q3 2017	212.89	0.25	0.16	6.78
Q4 2017	212.89	0.19	0.05	6.70
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	212.89	0.55	0.55	6.26
Q2 2023	212.89	0.73	0.73	6.57
Q3 2023	212.89	0.95	0.95	6.92
Q4 2023	301.64	1.00	0.92	11.91

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	212.89	0.19	0.05	6.70
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 2014	33.06	34.94	2.88
Q2 2014	40.87	41.35	3.41
Q3 2014	44.06	43.45	3.63
Q4 2014	28.33	28.33	2.41
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	45.43	36.17	2.39
Q2 2017	49.85	55.16	2.28
Q3 2017	66.87	More than 100	2.49
Q4 2017	97.21	More than 100	2.72
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

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	97.21	More than 100	2.72
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	Adjustments
Q1 2014	450.00	34.00	-
Q2 2014	494.00	82.00	-
Q3 2014	475.00	29.00	-
Q4 2014	457.00	51.00	-
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	440.00	115.34	(77.02)
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)

Period	Diary and food production Sector	Agricultural Activity	Adjustments
2014	1,876.00	196.00	-
2015	2,023.00	306.00	-
2016	1,977.00	448.86	(249.36)
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	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	76.00	123.98	63.13 %

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
Al Rajhi Capital	76.00	123.98	63.1 %

Financial Ratios

	Current
Market Cap (M Riyal)	7,993.46
Enterprise Value (EV) (M)	6,719.96
Shares Outstanding ((M))	301.64
EPS ( Riyal) (TTM)	1.49
Book Value (BV) ( Riyal)	13.00
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.83
P/E (TTM)	17.74
Price/book	2.04
Return on Average Assets (%) (TTM)	9.3
Return on Average Equity (%) (TTM)	16.7

National Agricultural Development Co. (NADEC)

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NADEC profit soars to SAR 302.1M in 2023; Q4 at SAR 124M

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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) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

National Agricultural Development Co. (NADEC)

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NADEC profit soars to SAR 302.1M in 2023; Q4 at SAR 124M

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) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

National Agricultural Development Co. (NADEC)

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Business Segments (Million)