Nadec's quarterly profits drop 44% due to investment losses

The National Agricultural Development Company "Nadec" incurred a net loss of 44% in the second quarter, amounting to 64.5 million SAR. This was due to a 9.2% increase in cost of sales, driven by exceptional feed and shipping costs, as well as higher selling and marketing expenses, increased other expenses, and a decline in treasury income. Additionally, a loss of 9.1 million SAR from its investment in the "Al Rahi National Livestock" project contributed to the decrease in profits. Despite this, quarterly revenues rose by 5.5% to 876.5 million SAR, supported by growth in the proteins and agriculture sectors, as the company continues to invest in strategic sectors.

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