Riyadh – Mubasher: The National Agricultural Development Company (Nadec) witnessed an 83.39% surge in net profit to SAR 326.59 million during the first nine months (9M) of 2024 from SAR 178.08 million in 9M-23.
The company attributed the annual growth in net profit to several factors including the SAR 2.43 billion sales generated during January-September 2024, which were 1.76% higher than SAR 2.39 billion in the corresponding period a year ago, according to the financial results.
The earnings per share (EPS) went up to SAR 1.08 in 9M-24 compared with SAR 1.13 in 9M-23.
July-September 2024 Results
During the third quarter (Q3) of 2024, Nadec reported net profits worth SAR 113.38 million which marked a 50.63% increase from SAR 75.27 million in Q3-23.
The company posted sales of SAR 791.09 million during July-September 2024 compared with SAR 861.10 million in the year-ago quarter. The results signalled an 8.13% annual decline.
On a quarterly basis, the net profits in Q3-24 were 1.34% higher than SAR 111.88 million in Q2-24, while the sales inched up 0.13% from SAR 790.06 million.
It is worth highlighting that Nadec posted net profits worth SAR 213.21 million in the first half (H1) of 2024 and its sales reached SAR 1.64 billion.
