AnnouncementDetails

Actions

The National Agricultural Development Company (NADEC) announces its financial results for the period ended 30 June 2022 (Six Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 707.75548.7428.98613.5315.36
Gross Profit (Loss) 191.37167.1914.46191.180.1
Operational Profit (Loss) 48.98-7.04-25.5491.78
Net Profit (Loss) after Zakat and Tax 27.49-17.35-15.1281.81
Total Comprehensive Income 28.23-17.35-15.5681.43
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 1,321.281,089.721.25
Gross Profit (Loss) 382.56341.7911.93
Operational Profit (Loss) 74.528.35792.46
Net Profit (Loss) after Zakat and Tax 42.62-10.98-
Total Comprehensive Income 43.79-10.98-
Total Share Holders Equity (after Deducting Minority Equity) 1,239.61,467.29-15.52
Profit (Loss) per Share 0.42-0.11
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The Company’s net profit in the current quarter reached to SAR 27.49 million compared to net loss of SAR 17.35 million for the similar quarter last year was due to:

- Revenue:

The Company’s revenue for the current quarter increased by 28.98% compared to the similar quarter last year, this was mainly on account of increase in sales of dairy and food processing sector by 22.61%.

-Selling and marketing expenses:

Selling and marketing expenses decreased in the current quarter compared to the similar quarter last year by 5.75% was mainly on account of less expenditure on marketing and promotional activities.

- Other income (net):

Other income increased in the current quarter by 162.17% compared to the previous quarter is mainly on account of absence of one of items like loss on devaluation of Sudan currency.

Despite the changes in preceding elements that positively impacted the net profit of the Company in the current quarter, there are other elements that negatively impacted the net profit of the current quarter as follows:

- Cost of sales:

Cost of sales percentage on revenue was increased during the current quarter by 3.43% compared to the similar quarter last year is mainly on account of the increase in the animal feeding cost.

- General and Administrative expenses:

General and administrative expenses increased in the current quarter by 25.32% compared to the similar quarter last year is mainly on account of increase in employee cost and maintenance & Repair cost.

-Finance cost:

Finance cost increased in the current quarter compared to the similar quarter last year by 34.66% due to the increase in the interest rates because of increase in SIBOR.

-Share of Results of Joint Venture:

During the current quarter the company accounted its 10% share of loss of SR 8.16 million from Food Security holding Company.

All the above elements collectively impacted the gross profit and operating profit as follows:

-Gross profit:

Gross profit of the current quarter increased by 14.46% compared to the similar quarter last year, due to the increase in the revenue by 28.98% and this increase was partially offset by increase in percentage of cost of sales over the net revenue 3.43% due to increase in animal feed cost.

-Operating profit:

Operating profit of the current quarter increased by 795.21% compared to the similar quarter last year primarily due to increase in sales, other income and decrease in selling and marketing expenses.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The increase in Company’s net profit in the current quarter compared to the previous quarter by SAR 12.37 million was due to:

- Revenue:

The Company’s revenue for the current quarter increased by 15.36% compared to the previous quarter was mainly on account of increase in sale of dairy and food processing sector grew by 10.73%.

- Other income (net):

Other income for the current quarter increased mainly on account of reduction in the loss on sale of biological assets and increase in sale of ancillary products.

On the other hand, the below elements had a negative impact on the net profit of the current quarter compared to the previous quarter:

- Cost of sales:

Cost of sales percentage on revenue was increased during the current quarter by 4.12% compared to the previous quarter is mainly on account of the increase in the animal feeding cost.

-Finance cost:

Finance cost increased in the current quarter compared to the previous quarter by 32.49% on account of increase in interest rates.

All the above elements collectively impacted the gross profit and operating profit as follows:

-Gross profit:

Gross profit increased in the current quarter compared to the previous quarter by 0.10% due to increase in sales by 15.36% and this increase was partially offset by increase in percentage of cost of sales over the net revenue 4.21% due to increase in animal feed cost.

-Operating profit:

Operating profit of the current quarter increased as compared to the previous quarter by 91.73% due to increase revenue and other income.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The Company’s net profit in the current period reached to SAR 42.62 million compared to net loss of SAR 10.98 million for the similar period last year was due to:

- Revenue:

The Company’s revenue for the current period increased by 21.25% compared to the similar period last year, this was mainly on account of increase in sales of dairy and food processing sector by 17.74%

-Selling and marketing expenses:

Selling and marketing expenses decreased in the current period compared to the similar period last year by 1.18% was mainly on account of less expenditure on marketing and promotional activities.

- Other income (net):

Other income for the current period reached to SAR 3.44 million compared to loss of SAR 23.87 million in the similar period last year. Loss for the similar period in last year is mainly on account of loss on devaluation of Sudan currency.

Despite the changes in preceding elements that positively impacted the net profit of the Company in the current period, there are other elements that negatively impacted the net profit of the current period as follows:

- Cost of sales:

Cost of sales percentage on revenue was increased during the current period by 2.41% compared to the similar period last year is mainly on account of the increase in the animal feeding cost.

- General and Administrative expenses:

General and administrative expenses increased in the current period by 13.45% compared to the similar period last year is mainly on account of increase in employee cost and maintenance & Repair cost.

-Finance cost:

Finance cost increased in the current period compared to the similar period last year by 27.23% due to the increase in the interest rates because of increase in SIBOR.

-Share of Results of Joint Venture:

During the current period the company accounted its 10% share of loss of SR 8.16 million from Food Security Holding Company.

All the above elements collectively impacted the gross profit and operating profit as follows:

-Gross profit:

Gross profit of the current period increased by 11.93% compared to the similar period last year, due to the increase in the revenue by 21.25% and this increase was partially offset by increase in percentage of cost of sales over the net revenue 2.41% due to increase in animal feed cost.

-Operating profit:

Operating profit of the current period increased compared to the similar period last year by 792.79% due to increase in sales, other income and decrease in selling and marketing expenses.

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items None
Additional Information Certain of the prior period amounts have been reclassified to conform to the presentation in the current period.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

Company Profile

Actions

Company Profile

Summary

Last Price Net Change
27.0 -0.1 (-0.37%)
Value Traded (SAR) Volume Traded
3,835,747.7 141,577