National Agricultural Development Company “NADEC” (6010) hiked its net income by 50.6% YoY during the third quarter of 2024 to rake in approximately SAR 113.4 million.
Details
The rise in profits for the regional F&B player came on the back of a 23.6% YoY decrease in quarterly selling and marketing expenses.
This was due to the decline in spending on maintenance and brand marketing.
So what
NADEC’s revenues during Q3 declined by about 8% YoY mainly due to an 11.2% drop in sales from the dairy and food manufacturing sector, alongside a nearly 57.3% YoY decrease in agricultural sector sales.
Despite losses from other arms, the company recorded sales of about SAR 37.7 million from its new protein sector.
Some context
The company’s net profits rose by 83.4% for the period ending September 30, exceeding SAR 326 million.
Earnings per share reached SAR 1.08, compared to SAR 1.13 in the first nine months of 2023.
