Saudi: Nadec shifts to $25.5mln net profits in 2022

Reuters Images/Faisal Al Nasser

Nadec reported an 18.57% year-on-year (YoY) rise in revenue

Staff Writer, Mubasher

February 19, 2023

PHOTO

National Agricultural Development Company (Nadec) turned profitable at SAR 95.49 million in 2022, against net losses after Zakat and tax worth SAR 285.03 million in 2021.

Nadec reported an 18.57% year-on-year (YoY) rise in revenue to SAR 2.69 billion in 2022, versus SAR 2.27 billion, according to the annual consolidated income statements.

Meanwhile, the earnings per share (EPS) stood at SAR 0.94 last year, compared to SAR 2.80 in the January-December 2021 period.

In the first nine months (9M) of 2022, the Tadawul-listed firm swung to net profits after Zakat and tax worth SAR 70.37 million, versus net losses of SAR 7.77 million in the year-ago period.

Revenues amounted to SAR 2.02 billion in 9M-22, up 19.02% from SAR 1.70 billion in 9M-21.

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