Riyadh – Mubasher: National Agricultural Development Company (Nadec) reported on Wednesday a net profit of SAR 7.76 million for the fourth quarter of fiscal 2016, falling 77.4% compared to SAR 34.37 million ($9.2 million) for Q4-15.

The year-on-year decline in Q4-16 profits was attributed to a decrease of 8.26% in sales compared to the same quarter last year, which led to a fall in gross margin by 14.22%, according to a bourse filing.

Operational profit amounted to SAR 31.88 million for Q4-16, against operational losses of SAR 43.29 million for Q4-15.

In fiscal 2016, net profit shrank 29.1% to SAR 100.2 million, compared to SAR 141.3 million for fiscal 2015.

Operational profit for fiscal 2016 rose 4.5% to SAR 179 million from SAR 171.4 million for fiscal 2015.