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RIYADH – The National Agricultural Development Corporation (NADEC) posted a net profit of 63.76% in the second quarter of 2019 year-on-year.
According to its financial statements on Tadawul, the company's profits fell to 7.07 million riyals after Zakat and taxes, compared to 19.51 million riyals in the second quarter of 2018.
Nadec attributed the year-over-year decline in second-quarter profit for a number of reasons, mainly losses from derivative financial instruments: it decided to terminate contracts for floating-rate financial instruments entered into by its issuing banks. This represents 19.16 million riyals.
Derivative financial instruments had a negative impact on the Company's net income during the quarter with a loss of SR 24.71 million, indicating that these losses are a major reason for the lower earnings for the second quarter. quarter of this year compared to the same quarter in 2018.
The decrease in earnings is attributable to a 9.84% increase in bank financing and facilities expenses, a $ 2.91 million write-down of accounts receivable and a 2.85% increase in selling and marketing expenses. ; Marketing expenses.
On a quarterly basis, Nadec became profitable in the second quarter of this year compared to the previous quarter – the first quarter of the same year – which recorded losses of 3.67 million riyals.
The company's sales increased by 7.9% in the second quarter of 2019 to reach 604.19 million NAS, compared to 559.72 million NAS for the same period of 2018.
In the first half of 2019, Nadec's profits fell 76.6 percent to 3.39 million rials after taxes, compared to 14.49 million riyals in the same period last year.
Revenues for the first half of the year rose 9.8 percent to 1.135 billion riyals, compared to 1.034 billion riyals in the first half of 2018, the company's financial statements disclosed.
Nadec reduced its losses by 26.89% in the first quarter of 2019, reaching 3.67 million riyals, against 5.02 million for the same quarter in 2018.
The stock rose 0.65% to close at 24.96 SAR on Thursday.
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