Industry News & Insights

20 Aug 2022

Saudi Arabia's NADEC delivers 137% profit growth as agri-food sales boom

Saudi Arabia's NADEC delivers 137% profit growth as agri-food sales boom

RIYADH: Saudi Arabia's National Agricultural Development Co. benefited from a surge in sales of agriculture, dairy, and processed food in the first quarter of 2022.

This helped the company register 137 percent growth in net profit'to SR15.1 million ($4 million) compared to the same period last year, the company said in a stock exchange filing.

A boom in sales in the dairy and food processing unit of 12.6 percent and in the agriculture unit by 32.7 percent propelled a 13.2 percent increase in overall revenue.

However, the company said it witnessed a rise in marketing expenses in addition to other financial charges and the cost of sales rose due to higher material costs.

Read More

Loading

OUR SPONSORS AND PARTNERS

HEADLINE MEDIA PARTNER

OFFICIAL MEDIA PARTNERS

MEDIA PARTNERS

Saudi Food