Riyadh – Mubasher: National Agricultural Development Company (Nadec) reported a 107.36% year-on-year (YoY) surge in net profit to SAR 213.21 million in the first half (H1) of 2024 from SAR 102.82 million in the same period a year earlier.

Sales grew by 7.31% YoY to SAR 1.64 billion in H1-24 from SAR 1.53 billion in H1-23, according to the interim financial results.

The company reported earnings per share (EPS) of SAR 0.71 between 1 January and 30 June 2024, up from SAR 0.65 in the corresponding period the year before.

Second Quarter

During the second quarter (Q2) of 2024, Nadec logged a net profit of SAR 111.88 million, a 71.77% YoY leap from SAR 65.13 million.

Sales edged higher to SAR 790.06 million in Q2-24 from SAR 785.86 million in Q2-23.

Quarter-on-quarter (QoQ), the company’s net profit rose by 10.411% from SAR 101.33 million, while sales went down by 7.87% from SAR 857.58 million in the previous quarter.

In Q1-24, Nadec posted a net profit of SAR 101.33 million, a 168.85% YoY surge from SAR 37.69 million.