9 Hrs
Source:
الاقتصادية
Regional Tensions Reduce Nadec’s Profits
Nadec, the National Agricultural Development Company, reduced its net profits by 72.5% in the third quarter of this year, reaching 30.4 million SAR compared to 110.6 million SAR in the same period last year. The main reason for this decline was higher operating costs, including a 7.90 percentage point increase in cost of sales due to rising feed prices and maritime costs related to regional disruptions. Additionally, selling and marketing expenses increased by 12.90%. The rise in distribution costs and a decline in treasury income also contributed to the profit decrease, despite revenue increasing by 8% to 909.7 million SAR, driven by a 100.2% growth in the protein segment and a 1.15% increase in the dairy segment. Nadec is currently working on cost management improvements and preparing to launch packaged red meat products, with a focus on developing agricultural activities and reducing the impact of regional challenges on profit margins.
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