NADEC profit soars to SAR 774.6M in 2024; Q4 at SAR 448.1M on Arabian Mills IPO

24/02/2025 Argaam Exclusive

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National Agricultural Development Co.’s (NADEC) 2024 net profit more than doubled to SAR 774.6 million, compared to SAR 302.1 million in the year-earlier period.

Financials (M)

Item	2023	2024	Change‬
Revenues	3,196.97	3,220.40	0.7 %
Gross Income	1,183.74	1,192.32	0.7 %
Operating Income	338.20	421.39	24.6 %
Net Income	302.06	774.63	156.4 %
Average Shares	301.64	301.64	-
Earnings Per Share before unusual items (Riyals)	0.92	1.39	51.5 %
EPS (Riyals)	1.00	2.57	156.4 %

Revenue increased by 0.73% year-on-year (YoY) in 2024 on the back of SAR 180.29 million earnings from the new protein segment. This increase was partially offset by lower sales in dairy and beverages as well as agriculture segments.

The company also cited gains from the share sale of Arabian Mills for Food Products Co. (Arabian Mills). The shareholders of Arabian Mills, including NADEC, offered to sell 30% of their holdings in the IPO. As a result, NADEC gained SAR 103.19 million and recognized unrealized gains at fair value of SAR 253.32 million on remaining shares.

Meanwhile, NADEC cited a treasury income of SAR 91.42 million earned on bank time deposits in 2024 compared to SAR 3.91 million for the previous year.

Selling and marketing expenses decreased 4.96% YoY, on lower repairs and maintenance costs as well as trade marketing.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	800.60	781.67	(2.4 %)
Gross Income	286.11	280.72	(1.9 %)
Operating Income	88.14	98.23	11.5 %
Net Income	123.98	448.05	261.4 %
Average Shares	301.64	301.64	-
Earnings Per Share before unusual items (Riyals)	0.32	0.30	(6.6 %)
EPS (Riyals)	0.41	1.49	261.4 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	791.09	781.67	(1.2 %)
Gross Income	290.33	280.72	(3.3 %)
Operating Income	108.55	98.23	(9.5 %)
Net Income	113.38	448.05	295.2 %
Average Shares	301.64	301.64	-
Earnings Per Share before unusual items (Riyals)	0.38	0.30	(19.3 %)
EPS (Riyals)	0.38	1.49	295.2 %

The company set aside SAR 40.50 million in provisions for other doubtful receivables in 2023, with no such provisions in the current year.

Financing costs decreased by 54.96% YoY due to the decrease in the borrowings.

In addition, general and administrative expenses for the current year increased by 10.18% compared to the last year due to an increase in employee benefit expenses and new projects.

During the current year, the company recognized Zakat expenses of SAR 52.50 million.

Net profit for Q4 2024 stood at SAR 448.1 million, an increase of more than three-fold from SAR 123.9 million a year ago.

On a sequential basis, net earnings almost tripled from SAR 113.38 million in Q3 2024.

Total shareholders’ equity, no minority interest, stood at SAR 4.29 billion by Dec. 31, 2024, compared to SAR 3.59 billion a year earlier.

Attached Documents

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Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual 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	(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
Q1 2024	101.33	168.9 %	0.34	-	101.33	0.34
Q2 2024	111.88	71.8 %	0.37	-	111.88	0.37
Q3 2024	113.38	50.6 %	0.38	-	113.38	0.38
Q4 2024	448.05	261.4 %	1.49	356.51	91.53	0.30
2024	774.63	156.4 %	2.57	356.51	418.12	1.39

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
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
2024	774.63	156.4 %	2.57	356.51	418.12	1.39

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	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 %	88.14	130.9 %
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 %	109.54	66.4 %
Q2 2024	790.06	0.5 %	298.57	0.9 %	105.07	20.9 %
Q3 2024	791.09	(8.1 %)	290.33	(10.3 %)	108.55	11.2 %
Q4 2024	781.67	(2.4 %)	280.72	(1.9 %)	98.23	11.5 %
2024	3,220.40	0.7 %	1,192.32	0.7 %	421.39	24.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2024	3,220.40	0.7 %	1,192.32	0.7 %	421.39	24.6 %

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	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 %	17.92 %	8.64 %
2023	37.03 %	17.91 %	8.64 %
Q1 2024	37.16 %	18.80 %	10.28 %
Q2 2024	37.20 %	19.44 %	11.68 %
Q3 2024	36.97 %	20.26 %	13.11 %
Q4 2024	37.02 %	20.74 %	12.98 %
2024	37.02 %	20.74 %	12.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2024	37.02 %	20.74 %	12.98 %

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	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 %	18.62 %	12.24 %
Q1 2024	37.63 %	19.82 %	11.82 %
Q2 2024	37.79 %	21.00 %	14.16 %
Q3 2024	36.70 %	21.64 %	14.33 %
Q4 2024	35.91 %	20.58 %	11.71 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (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	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
Q1 2024	301.64	1.21	1.13	12.25
Q2 2024	301.64	1.37	1.28	12.62
Q3 2024	301.64	1.49	1.41	13.00
Q4 2024	301.64	2.57	1.39	14.25

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
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
2024	301.64	2.57	1.39	14.25

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	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
Q1 2024	23.92	25.75	2.37
Q2 2024	22.78	24.31	2.47
Q3 2024	18.58	19.72	2.14
Q4 2024	9.61	17.80	1.73

Period	P/E	Adjusted P/E	Price/book
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
2024	9.61	17.80	1.73

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	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)
Q1 2024	804.74	16.93	48.88	(12.97)
Q2 2024	737.57	43.31	43.90	(34.72)
Q3 2024	759.40	34.83	37.73	(40.88)
Q4 2024	722.71	41.25	49.78	(32.07)

Period	Diary and food production Sector	Agricultural Activity	Protein.	Adjustments
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)
2024	3,024.42	136.32	180.29	(120.63)

Financial Ratios

	Current
Market Cap (M Riyal)	7,136.80
Enterprise Value (EV) (M)	5,679.22
Shares Outstanding ((M))	301.64
EPS ( Riyal) (TTM)	2.57
Book Value (BV) ( Riyal)	14.25
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	17.07
P/E (TTM)	9.21
Price/book	1.66
Return on Average Assets (%) (TTM)	14.4
Return on Average Equity (%) (TTM)	16.6

National Agricultural Development Co. (NADEC)

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NADEC profit soars to SAR 774.6M in 2024; Q4 at SAR 448.1M on Arabian Mills IPO

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Financials (M)

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Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

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Per Share Data (Riyal)

Per Share Data (Riyal)

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Revenue by Business Segment (Latest) 2024 Q4

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NADEC profit soars to SAR 774.6M in 2024; Q4 at SAR 448.1M on Arabian Mills IPO

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Financials (M)

Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2024

Revenue by Business Segment (Latest) 2024 Q4

Financial Ratios

Share Price

National Agricultural Development Co. (NADEC)

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Business Segments (Million)