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.
| 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 | 157.04 | (26.2 %) |
| EPS (Riyals) | 0.20 | 0.65 | 227.1 % |
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.
| 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 | 157.04 | (26.2 %) |
| EPS (Riyals) | 0.13 | 0.41 | 221.1 % |
| 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 | 157.04 | (26.2 %) |
| EPS (Riyals) | 0.18 | 0.41 | 134.3 % |
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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