Riyadh – Mubasher: National Agricultural Development Co (Nadec) saw a decline of 83.1% in net profits during the first quarter of 2017.

Profits amounted to SAR 4.33 million in Q1-17 from SAR 25.6 million in Q1-16, according to a bourse filing on Thursday.

The decrease in net profits was attributable to lower sales and higher selling and marketing costs, in addition to an increase in financing charges and banks facilities due to higher investments, in addition to the negative impact of zakat provision on net income.

Sales fell 5.4% to SAR 481.94 million in Q1-17 compared to SAR 509.4 million in the year-ago period.