Riyadh – Mubasher: National Agricultural Development Company (NADEC) posted a 26.89% year-on-year drop in its losses for the first quarter of 2019.
Net losses after zakat and tax recorded SAR 3.67 million in Q1-19, from SAR 5.02 million in Q1-18, according to a recent filing to the Saudi Stock Exchange (Tadawul).
Total revenues increased by 11.8% to SAR 530.4 million during the three-month period ended March, versus SAR 474.08 million in the same period a year ago.
Losses per share (LPS) stood at SAR -0.04 in Q1-19, compared to SAR -0.06 in the same period of the prior year.
The decrease in NADEC’s first-quarter losses was attributed to the increase in its sales and revenues due to the rise in the demand for the company's products during the current period.
The sale of dairy and food processing sector grew by 15.20% due to higher sales of fresh Laban and juice.
“The loss generated from other operating activities decreased by 51.94% due to the difference in the occurrence and the value of the other income expenses,” the statement highlighted.
In 2018, NADEC posted a 95.6% year-on-year profit drop, recording SAR 1.74 million.
