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.