Riyadh – Mubasher: National Agricultural Development Company (NADEC) reported SAR 18.19 million in net profit for the first quarter (Q1) of the year, against losses of SAR 3.67 million for the corresponding period of 2019.
The company’s revenue increased by 5.41% on an annual basis due to higher demand.
Accordingly, sales of dairy and food processing grew by 5.46%, while agricultural sales increased by 4.68%, the company disclosed in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
In addition, finance cost decreased in Q1-20 by 26.76% because of lower interest rates.
NADEC further explained that it recognized a SAR 20.77 million loss on Callable Inverse Floater (CIF) contracts in Q1-19, which were cancelled subsequently.
Shareholders recently approved the board of directors’ recommendation to increase the company's capital by 20% to SAR 1.016 billion.
