Nadec's Q2 profit falls to 64.56M
The preliminary financial results for the National Agricultural Development Company "Nadec" showed a 44% year-over-year decline in net profits for the second quarter of 2026, amounting to 64.56 million SAR compared to 115.26 million SAR in the same period last year. This decrease is attributed to a 9.24% rise in cost of sales, driven by higher expenses for feed, shipping, and fees resulting from regional maritime disruptions. The quarter also saw a 5.42% increase in selling and marketing expenses, along with a decline in treasury income due to lower bank deposits. Additionally, the company recognized losses of 9.12 million SAR from its investments. For the first half of the year, the company's profits declined by 27.62%, totaling 158.27 million SAR compared to 218.68 million SAR in the same period last year. Nadec anticipates that exceptional cost pressures will dissipate as the operating environment returns to normal.
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