Nadec’s profits in the first quarter increased by 137% to 15 million riyals

profits soared National Agricultural Development Company (NADEC) Quarterly 137.3% in the first quarter of 2022, to 15.1 million riyals, compared to 6.4 million riyals in the first quarter of 2021.

And “NAdec” had incurred losses in the previous quarter.

The value of the operating profits achieved by the company in the first quarter amounted to 25.5 million riyals, compared to 15.4 million riyals, in the corresponding period of 2021, a growth of 65.9%.

Nadec attributed the profit growth in the current first quarter compared to the same quarter of last year to the increase in the company’s revenues during the current quarter by 13.22% compared to the same quarter of last year as a result of an increase in sales of the dairy and food sector by 12.57% and the agricultural sector by 32.72%.

She stated that these profits came despite the presence of other factors that negatively affected the net profit for the current quarter, including the increase in the cost of sales to revenue ratio during the current quarter by 0.89% compared to the same quarter of last year, mainly due to the increase in the cost of materials.

Selling and marketing expenses and general and administrative expenses in the current quarter increased by 3.85% and 3.69% respectively due to the increase in employee benefits expenses. Other expenses in the current quarter increased by 1.01 million riyals compared to the same quarter of last year as a result Low profit by-products.

Gross profit increased during the current quarter by 10.09% compared to the same quarter of last year due to an increase in sales by 13.22%.

NADEC said that the net profit from the dairy and food processing sector increased by 97.38%, mainly due to higher sales, which was partially offset by an increase in losses in the agricultural products sector by 77.51%.

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