Riyadh-Mubasher: National Agricultural Development Co (Nadec) reported an annual growth of 5.6% in profits of the second quarter of 2016 as compared to the same quarter of 2015, and an increase of 46.83% compared to the first quarter of 2016 when it reached SAR 25.24 million.

Nadec’s earnings grew to SAR 37.06 million ($9.88 million) in Q2-16, from SAR 35.1 million ($9.36 million) in Q2-15, according to a recent statement on Tadawul.

The increase in Q2 profits resulted from an 8.77% growth in gross profits due to lower costs of production input as well as improvement seen in operating efficiency. The statement added that the Zakat provision had a positive impact on Q2 net profits.

During the first half of 2016, profits increased to SAR 62.29 million versus SAR 61.26 million in H1-15; a rise of 1.68% year-on-year.