Riyadh – Mubasher: The National Agricultural Development Company (NADEC) on Wednesday reported a turn to a net loss of SAR 44.89 million in the third quarter (Q3) of 2020, against a net profit of SAR 49.32 million in the year-ago quarter.
The quarterly loss was attributed to various reasons, including a 6.60% rise in sales costs, an 8.43% hike in selling and marketing expenses, and a 13.50% increase in general and administrative expenses, according to a stock exchange statement.
Revenue for the quarter ended in September 2020 went up by 1.5% on an annual basis to SAR 587.23 million.
During the period from January to September, the company’s earnings leapt by 99.1% yearly to stand at SAR 104.92 million.
