Nadec turns to loss in H1

Sales decreased by 8% annually

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri
Riyadh – Mubasher: The National Agricultural Development Company (Nadec) incurred a net loss after Zakat and tax worth SAR 10.98 million in the first half (H1) of 2021, against net profits of SAR 149.81 million in H1-2020.

The loss per share amounted to SAR 0.11 in H1-21, versus earnings per share worth SAR 1.47 in H1-20, according to the financial results on Wednesday.

Sales decreased by 8% annually to SAR 1.07 billion in H1-21 from SAR 1.16 billion in H1-20.

During the second quarter (Q2) of 2021, Nadec suffered net losses of SAR 17.35 million, against a net profit of SAR 131.63 million in Q2-20.

Sales declined by 11.6% to SAR 537.23 million in Q2-21 from SAR 608.06 million in the April-June 2020 period.

On a quarterly basis, the company turned to losses in Q2-21, versus profits worth SAR 6.37 million in Q1-21. The sales were meanwhile higher by 0.14% from SAR 536.43 million.

Source: Mubasher

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