Riyadh – Mubasher: Saudi Arabia-based National Agricultural Development Company (NADEC) on Tuesday posted that the company turned to loss for the first quarter of 2018.

Year-on-year, net loss amounted SAR 5.02 million in Q1-18, against a profit of SAR 4.33 million in Q1-17, according to a filing to the Saudi Stock Exchange (Tadawul).

The company attributed the negative turn in its financials to a 1.63% drop in sales, an increase in production cost by 4.3%, in addition to 3.8% jump in general and administrative expenses, according to the statement.

NADEC’s sales retreated to SAR 474.08 million during the first three months of 2018, versus SAR 481.93 million for the same period of the previous year.

For the full-year 2017, NADEC’s profits fell 57.61% to SAR 39.94 million, from SAR 94.23 million a year earlier.

By the end of Tuesday’s session, NADEC’s stock levelled down 2.7% at SAR 35.90.

Source: Mubasher

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