Nadec turns profitable in Q3, incurs losses in nine months

Revenues went up 0.7%

  
A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015.

A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015.

REUTERS/Faisal Al Nasser
Riyadh –Mubasher: National Agricultural Development Company (Nadec) registered net profits after Zakat and tax worth SAR 3.21 million in the third quarter (Q3) of 2021, versus losses of SAR 44.89 million in Q3-20.

Revenues went up 0.7% to SAR 591.44 million in Q3-21 from SAR 587.23 million in Q3-20, according to the financial results on Thursday.

On a quarterly basis, the net profits in Q3-21 were against losses worth SAR 17.35 million in Q2-21, while the revenues soared by 10% from SAR 537.23 million.

During the first nine months of 2021, Nadec suffered losses worth SAR 7.77 million, compared to net profits of SAR 104.92 million in the January-September 2020 period.

The loss per share stood at SAR 0.08, against earnings per share of SAR 1.03 at the end of September last year.

Revenues decreased by 5% to SAR 1.66 billion in the nine-month 2021 period from SAR 1.75 billion in the corresponding period a year earlier.

Source: Mubasher

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