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NADEC

20 October, 2024 08:26

The National Agricultural Development Company (NADEC) announces its Interim Financial results for the Period Ending on 30-09-2024 (Nine Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 791.09861.1-8.13790.060.13
Gross Profit (Loss) 290.33323.61-10.283298.57-2.759
Operational Profit (Loss) 99.892.268.17298.241.587
Net profit (Loss) 113.3875.2750.631111.881.34
Total Comprehensive Income 113.3975.1250.945112.570.728
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 2,438.732,396.371.767
Gross Profit (Loss) 911.6897.641.555
Operational Profit (Loss) 295.36228.2529.401
Net profit (Loss) 326.59178.0883.395
Total Comprehensive Income 328.84177.9184.835
Total Shareholders Equity (after Deducting Minority Equity) 3,919.881,473.05166.106
Profit (Loss) per Share 1.081.13
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
Accumulated Losses --
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The Company’s revenue for the current quarter decreased by 8.13% compared to the similar quarter last year, this was mainly on account of decrease in dairy and food processing sector by 11.20% and Agri sector by 57.26% and this decrease is partially offset by revenue of SAR 37.73 million from the new segment (protein).
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 113.38 million compared to net profit of SAR 75.27 million for the similar quarter last year was due to: -Selling and marketing expenses: Selling and marketing expenses decreased in by 23.60% in the current quarter compared to similar quarter last year was mainly on account of decrease in repairs and maintenance cost and trade marketing. - Impairment losses for trade and other receivables: During the current quarter provision relating to subsidy of SR 4.80 million reversed related to subsidy receivables based on the collections received. - Treasury income: Treasury income of SAR 22.96 million earned on bank deposits made and no such income available in similar quarter last year. -Financing cost: Financing cost decreased in the current quarter by 61.89% compared to the similar quarter last year was due to the decrease in the borrowings. Despite the changes in the 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: - Revenue: The Company’s revenue for the current quarter decreased by 8.13% compared to the similar quarter last year, this was mainly on account of decrease in dairy and food processing sector by 11.20% and Agri sector by 57.26% and this decrease is partially offset by revenue of SAR 37.73 million from the new segment (protein). - Cost of sales: Cost of sales percentage on revenue increased during the current quarter by 0.88% compared to the similar quarter last year was mainly on account product mix. -Zakat: Zakat expense increased in current quarter by SAR 2.85 million compared to the similar quarter in last year due to increase in the profit. All the above elements collectively impacted the gross profit and operating profit as follows: -Gross profit: Gross profit of the current quarter decreased by 10.28% compared to the similar quarter last year, due to the decrease in the revenue by 8.13% and increase in percentage of cost of sales over the net revenue 0.88%. -Operating profit: Operating profit of the current quarter increased by 8.17% compared to the similar quarter last year primarily due to decrease in selling & marketing and decrease in impairment losses for trade & other receivables this increase is partially offset by decrease in revenue and increase in cost of sales percentage over revenue.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The Company’s revenue for the current quarter increased by 0.13% compared to the previous quarter was mainly on account of increase in sale of dairy and food processing sector by 2.87%.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The Company’s net profit in the current quarter reached to SAR 113.38 million compared to net profit of SAR 111.88 million for the previous quarter: - Revenue: The Company’s revenue for the current quarter increased by 0.13% compared to the previous quarter was mainly on account of increase in sale of dairy and food processing sector by 2.87%. -Selling and marketing expenses: Selling and marketing expenses decreased in the current quarter by 4.95% compared to the previous quarter mainly on account of decrease in trade marking and promotional activities compared to previous quarter. 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 increased during the current quarter by 1.09% compared to the previous quarter is mainly on account product mix. All the above elements collectively impacted the gross profit and operating profit as follows: -Gross profit: Gross profit decreased in the current quarter by 2.76% compared to the previous quarter was due to increase in cost of sales percentage over sales by 1.09%. -Operating profit: Operating profit of the current quarter increased by 1.58% compared to the previous quarter due to decrease in selling & marketing and this was partially offset by increase in the cost of sales percentage by 1.09%.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The Company’s revenue for the current period increased by 1.77% compared to the similar period last year, this was mainly on account of revenue of SAR 130.51 million from the new segment (protein) and this increase is partially offset by decrease in sales of dairy and food processing sector by 2.73% and Agri sales by 33.64%.
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 326.59 million compared to net profit of SAR 178.08 million for the similar period last year was due to: - Revenue: The Company’s revenue for the current period increased by 1.77% compared to the similar period last year, this was mainly on account of revenue of SAR 130.51 million from the new segment (protein) and this increase is partially offset by decrease in sales of dairy and food processing sector by 2.73% and Agri sales by 33.64%. - Impairment losses for trade and other receivables: During the similar period last year provision of SR 40.50 million made for the other receivables which are doubtful and no such provision in the current period. - Impairment of Assets: During the similar period last year impairment provision of SR 10.50 million made for the assets which are held for disposal but no such items in the current period. -Selling and marketing expenses: Selling and marketing expenses decreased in the current period compared to the similar period last year by 6.71% was mainly on account of decrease in repairs and maintenance cost and trade marketing. - Treasury income: Treasury income of SAR 65.70 million earned on bank deposits made and no such income available in similar period last year. -Financing cost: Financing cost decreased in the current period by 52.43% compared to the similar period last year was due to the decrease in the borrowings. - Share of results from Joint Venture: Current period the company recognized SAR 24.04 million which represents its share of profit from Joint venture investment compared to share profit of SAR 14.01 million the similar period last year. Despite the changes in the 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 increased during the current period by 0.08% compared to the similar period last year was mainly on account of product mix. - General and Administrative expenses: General and administrative expenses increased in the current period by 22.73% compared to the similar period last year was mainly on account of increase in employee cost Company’s new segment and Strategy Project. -Zakat: Zakat expense increased in the current period by SAR 22.35 million compared to the similar period in last year due to increase in the profit. All the above elements collectively impacted the gross profit and operating profit as follows: -Gross profit: Gross profit of the current period increased by 1.56% compared to the similar period last year, due to the increase in the revenue by 1.77%. -Operating profit: Operating profit of the current period increased compared to the similar period last year by 29.40% due to increase in sales, decrease in selling and marketing expenses, absences of impairment provisions and this increase partially offset by increase in general & admin expenses.
Statement of the type of external auditor's report Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) none
Reclassification of Comparison Items Please see the note 13 in the interim condensed financial statements for the nine months period ended 30 September 2024.
Additional Information 1-The net profit for the current quarter reached SAR 113.38 million compared to net profit of SAR 75.27 million for the similar quarter last year with an increase of 50.64%. 2-The net profit for the current period reached SAR 326.59 million compared to net profit of SAR 178.08 million for the similar period last year with an increase of 83.40%. 3-The net profit for the current quarter reached SAR 113.38 million compared to net profit of SAR 111.88 million for the previous quarter with an increase of 1.34%. 4-The total comprehensive income for the current quarter reached SAR 113.39 million compared to total comprehensive income of SAR 75.12 million for the similar quarter last year with an increase of 49.57%. 5-The total comprehensive income for the current period reached SAR 328.84 million compared to total comprehensive income of SAR 177.91 million for the similar period last year with an increase of 84.83%. 6-The total comprehensive income for the current quarter reached SAR 113.39 million compared to total comprehensive income of SAR 112.57 million for the previous quarter with an increase of 0.73%. 7-Total revenue for the current quarter reached SAR 791.09 million compared to SAR 861.10 million for the similar quarter last year with a decrease of 8.13%. 8-Total revenue for the current period reached SAR 2,438.73 million compared to SAR 2,396.37 million for the similar period last year with an increase of 1.77%. 9-Total revenue for the current quarter reached SAR 791.09 million compared to SAR 790.06 million for the previous quarter with an increase of 0.13%. 10-The gross profit for the current quarter reached SAR 290.33 million compared to SAR 323.61 million for the similar quarter last year with a decrease of 10.29%. 11-The gross profit for the current period reached SAR 911.60 million compared to SAR 897.64 million for the same period last year with an increase of 1.56%. 12-The gross profit of the current quarter reached SAR 290.33 million compared to SAR 298.57 million for the previous quarter with a decrease of 2.76% 13-The operating profit for the current quarter reached SAR 99.80 million compared to operating profit of SAR 92.26 million for the similar quarter last year with an increase of 8.17%. 14-The operating profit for the current period reached SAR 295.36 million compared to operating profit of SAR 228.25 million for the similar period last year with an increase of 29.40%. 15-The operating profit of the current quarter reached SAR 99.80 million compared to operating profit of SAR 98.24 million for the previous quarter with an increase of 1.58% 16-The shareholders’ equity as of 30 September 2024 (no minority equity) was SAR 3,919.88 million compared to SAR. 3,592.84 million as of 31 December 2023 with an increase of 9.10% 17-The shareholders’ equity as of 30 September 2024 (no minority equity) was SAR 3,919.88 million compared to SAR 1,473.05 million as of 30 September 2023 with an increase of 166.11% 18-The earnings per share for the current period is SAR 1.08 compared to earnings per share of SAR 1.13 for the similar period last year.

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