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Strong sales push up NADEC’s profit in Q3, 9M

Strong sales push up NADEC’s profit in Q3, 9M
NADEC’s net profits after calculating Zakat and Tax amounted to SAR 35.13 million ($9.37 million) during Q3-18
NADEC
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Riyadh – Mubasher: Saudi Arabia-based National Agricultural Development Company (NADEC) on Wednesday announced a 103% year-on-year surge in its net profits in the third quarter of 2018.

NADEC’s net profits after calculating Zakat and Tax amounted to SAR 35.13 million ($9.37 million) during Q3-18, up from SAR 17.33 million ($4.62 million) in Q3-18, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the third-quarter profit growth to a 12.52% rise in sales revenues due to higher demand, other income rose 2.57%, and operational profits levelled up 124%.

Sales increased by 12.5% to SAR 574.71 million during the quarter ended September, compared to SAR 510.76 million in the year-ago period.

Operational profits skyrocketed 124% to SAR 54.49 million from July to September this year, from SAR 24.33 million in the corresponding period a year earlier.

Quarter-on-quarter, the Saudi firm's profits surged 80% during the three-month period ended September, versus SAR 19.51 million.

From January to September, NADEC’s net profits after calculating Zakat and Tax grew 4.3% to SAR 49.62 million, against SAR 47.55 million in the year-ago period.

The Tadawul-listed firm ascribed the nine-month profit growth to a 2.73% rise in sales, a 5.41% increase in gross profits, while operational profits jumped by 12.08%.

Year-on-year, revenues went up 2.3% to SAR 1.60 billion in the January-September period of 2018, compared to SAR 1.57 billion.

Operational profits rose 12% to SAR 104.43 billion by the end of Q3-18, from SAR 93.17 million a year earlier.

Earnings per share (EPS) amounted to SAR 0.59 by the end of September, up from SAR 0.56.

By 12:42 pm Saudi time, NADEC’s stock rose 3.73% to SAR 27.80.