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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.