NADEC reports SAR 111.8 mln in profit from ownership of used land plots

National Agricultural Development Co. (NADEC) said it reported SAR 111.81 million in profit from ownership of used land parts in Wadi Al Dawasir, Hail, and Al Jawf.

The company said in a bourse statement that it recorded SAR 122.82 million in profit after it owned additional parts of revived land, compared to those recorded in the financial statements.

However, the government's decision to exclude some parts of used land resulted in a loss of SAR 11.01 million.

NADEC expects to receive these land deeds over the coming period, after finalizing the regulatory approvals.

The company received a letter from the Ministry of Environment, Water and Agriculture on June 23 issuing a Royal Order to grant ownership for parts of lands it has been using in Wadi Al Dawasir, Hail, and Al Jawf.

In February 2019, the Saudi Cabinet decided to grant the agricultural companies ownership of the reclaimed land plots, provided that those companies should deliver the remaining parts, Argaam reported.