Riyadh-Mubasher: National Agricultural Development Company (Nadec) posted a 3.52% decrease in net profits for the first quarter in 2016 as compared to the same quarter in 2015, according to a bourse filing posted Tuesday.
Nadec reported earnings worth SAR 25.24 million ($6.73 million) in Q1-16, down from SAR 26.16 million ($7 million) in Q1-15.
The company clarified that the drop in profits resulted from a 3.3% decline in the overall sales; the agricultural segment’s sales fell by 41.5%, while sales in dairy and foodstuff processing segment grew by 1.6%.
