The net quarterly profit of National Agricultural Development Company (Nadec) (6010) reached approximately SAR 111.9 million.
This is compared to around SAR 65 million in the second quarter of 2023.
New Protein
Nadec‘s revenues in the second quarter of the current year increased by 0.53% YoY, thanks to a rise in sales from the new protein sector by approximately SAR 43 million.
This increase was partially offset by a decline in raw milk sales and the agricultural sector.
So What
The earnings per share of Nadec, one of the leading companies in the Kingdom and the region in food and beverage production and distribution, jumped to SAR 0.71 during the current quarter.
This is compared to SAR 0.65 in the same period last year.
Some Context
Nadec’s net profits rose 107.6% YoY in the first half of the current year, reaching approximately SAR 213.2 million.
