Saudi Arabia’s NADEC brings 137% profit growth as agri-food sales rise

A boom in sales in the dairy and food processing unit of 12.6 percent and in the agriculture unit by 32.7 percent boosted a 13.2 percent increase in overall revenue.

Saudi Arabia’s National Agricultural Development Co. (NADEC) benefited from a surge in sales of agriculture, dairy, and processed food in the first quarter of 2022.

This helped the company register 137 percent growth in net profit to SR15.1 million ($4 million) compared to the same period last year, the company said in a stock exchange filing.

Due to higher material costs, the company said it witnessed a rise in marketing expenses in addition to other financial charges and the cost of sales rose.

 

Source: Arab News