Riyadh –  National Agricultural Development Company (Nadec) generated net profits worth SAR 101.33 million in the first quarter (Q1) of 2024, signalling a 168.85% annual leap from SAR 37.69 million.

The earnings per share (EPS) increased to SAR 0.34 in Q1-24 from SAR 0.24 in Q1-23, according to the financial results.

Nadec recorded a 14.43% year-on-year (YoY) growth in sales to SAR 857.58 million during the January-March 2024 period from SAR 749.41 million.

On a quarterly basis, the net profits Nadec posted in Q1-24 were 18.26% lower than SAR 123.98 million in Q4-23, while the revenues increased by 7.11% from SAR 800.60 million.

In 2023, the Saudi company registered SAR 302.06 million worth of net profits as well as revenues of SAR 3.19 billion.

Nadec recently appointed new Chairman and Vice Chairman for the new board term which will end on 10 April 2028.

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