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Riyadh – Mubasher: National Agricultural Development Co (Nadec) on Tuesday reported a 27.2% year-on-year drop in net profits for the second quarter in 2017, according to a bourse filing.
The firm achieved net profits of SAR 25.9 million in Q2-17 against SAR 35.6 million in Q2-16.
Nadec’s financial statement showed a 497.92% hike in profits in Q2-17, compared to the previous quarter.
The company attributed the decrease in net profits to a 9.4% drop in sales, backed by a slowdown in market demand, which affected the performance of the dairy and food processing sectors by 6.42%, as well as the decline in agricultural sales by 28.8% and higher financing expenses.
Net profits of the company plunged 49.06% to SAR 30.22 million in the first six months of 2017 against SAR 59.32 million in the same period of 2016.
Total revenues reached SAR 578.6 million in Q2-17 against SAR 638.6 million in Q2-16.
In the first half of 2017, total revenues slipped 7.6% to SAR 1.06 billion, versus SAR 1.15 billion in H1-17.
Net profits plummeted 83.1% to SAR 4.33 million in Q1-17 against SAR 25.6 million in Q1-16.
By the end of Tuesday’s trading, Nadec’s stock closed 0.8% lower at SAR 28.6.