Riyadh – Mubasher: National Agricultural Development Company (Nadec) logged net profits amounting to SAR 774.63 million in 2024, higher by 156.45% than SAR 302.06 million in 2023.
Revenues edged up by 0.73% year-on-year (YoY) to SAR 3.22 billion in 2024 from SAR 3.19 billion, according to the financial results.
The earnings per share (EPS) grew to SAR 2.57 last year from SAR 1.77 at the end of December 2023.
As part of Arabian Mills’ initial public offering (IPO), all the shareholders of Arabian Mills including Nadec offered to sell 30% of their existing shares during the IPO process.
Accordingly, Nadec gained SAR 103.19 million on sales of 30% of shares and also recognised a fair value gain of SAR 253.32 million on remaining shares.
In the first nine months (9M) of 2024, Nadec’s net profits hiked by 83.39% to SAR 326.59 million from SAR 178.08 million in 9M-23.
