Riyadh – Mubasher: National Agricultural Development Company (NADEC) on Tuesday reported a 57.61% decrease in its net profits during the full-year 2017, compared to the prior year.

The Saudi Arabia-based firm’s net profits retreated to SAR 39.94 million last year versus SAR 94.23 million in 2016, according to a statement to the Saudi Stock Exchange (Tadawul).

The Kingdom-listed firm attributed the decline in annual profits to a 6.62% drop in demand due to a decrease in market’s demand.

“The administrative cost decreased by 13.17% as a result of cost-cutting programme,” the statement added.

By 10:37 am KSA time, NADEC’s stock fell 5.06% to SAR 36.