Riyadh – Mubasher: National Agricultural Development Company (Nadec) shifted to net profits after Zakat and tax worth SAR 70.37 million during the first nine months (9M) of 2022, versus net losses of SAR 7.77 million in 9M-21.

The revenues surged by 19.02% year-on-year (YoY) to SAR 2.02 billion in the January-September 2022 period, compared to SAR 1.70 billion, according to a bourse filing on Sunday.

Earnings per share (EPS) settled at SAR 0.69 in 9M-22, against a loss per share of SAR 0.08 in 9M-21.

In the third quarter (Q3) of 2022, the net profits after Zakat and tax totalled SAR 27.75 million, an annual leap of 764.49% from SAR 3.21 million.

Nadec posted a 15.05% YoY hike in revenue at 702.67 million in Q3-22 from SAR 610.76 million.

On a quarterly basis, the company’s net profits after Zakat and tax edged up by 0.94% in Q3-22 from SAR 27.49 million in Q2-22, whereas the revenues declined by 0.72% from SAR 707.75 million.

In the first half (H1) of 2022, the Saudi-based firm turned profitable at SAR 42.62 million, compared to net losses of SAR 10.98 million in H1-21.