Riyadh – Mubasher: National Agricultural Development Company (NADEC) on Sunday reported a 24.64% decline in net profits for the second quarter of 2018, citing lower sales.

NADEC’s profits amounted to SAR 19.51 million ($5.20 million) in Q2-18, down year-on-year from SAR 25.89 million ($6.90 million), according to a bourse statement.

Quarter-on-quarter, the company turned to profits, after incurring SAR 5.02 million ($1.34 million) in losses.

The dairy and consumer products firm attributed the drop in profits to a 3.27% decrease in sales revenues, whereas general and administrative expenses jumped 33.35%.

NADEC’s operating profits tumbled 13.79% to SAR 38.27 million ($10.20 million) by the end of Q2-18, from SAR 44.39 million ($11.83 million) during the same period last year.

At the level of the first six months of 2018, NADEC's profits slumped 52.05%, reaching SAR 14.49 million ($3.86 million) from SAR 30.22 million ($8.06 million) in H1-17, the statement indicated.

This sharp decrease was attributed to a 2.52% decline in sales revenues 2.52% and a 17.55% rise in general and administrative expenses, the company said.

NADEC’s stock inched down 0.30% to finish Thursday at SAR 33.40.