Nadec has achieved the “highest annual net profit” in its history, during the year ending in December 2023.
This amounted to approximately 302 million riyals, compared to about 95.5 million riyals in the same period of 2022.
What
Nadec attributed last year’s historical leap in its net profits to the stable market environment and the strong commercial performance of the company.
This represents a significant increase in profits compared to previous years.
So What
The positive performance of the company in the Saudi and Gulf markets led to an 18.7% growth in its revenues during 2023.
This was driven by a 19.2% growth in the dairy and food industries sector, and a 6% growth in agricultural sector sales.
Some Context
Last year, the company received one-time government support of about 20 million riyals.
This was for the purchase of animal feed, in previous years.
This was due to the global fluctuation in prices of yellow corn, where the government supported its import and storage as needed.
According to the CEO of the company, Dr. Suleiman Al-Tuwaijri, in an interview with “Al Arabiya Business”.
Now What
Nadec recorded a net profit of 124 million riyals in the fourth quarter of 2023.
This is compared to 25 million riyals in the same quarter of 2022.
