Riyadh – Mubasher: National Agricultural Development Company (NADEC) generated SAR 131.63 million in net profits during the second quarter (Q2) of 2020, up 1761.8% when compared to SAR 7.07 million in the year-ago period.
Revenue increased by 0.64% yearly in the April-June period to reach SAR 608.06 million, backed by higher demand for the company's products, according to a statement to the Saudi bourse on Tuesday.
Selling and marketing expenses fell by 0.99% and financing costs contracted by 39.63%.
On the other hand, the cost of sales percentage on revenue increased by 2.86%, impairment losses on trade receivables hiked by SAR 2.78 million, and estimated Zakat expenses rose by 27.99%.
In June, the company received a letter from the Ministry of Environment, Water and Agriculture granting the ownership for the revived area of land in Hail, Wadi Al Dawasir, and Al Jouf. Net gains of SAR 111.81 million were realised.
Over the first six months of 2020, the profits hit SAR 149.81 million, a yearly surge of 4,319.1%.
