NADEC: Cattle ranch no. 7 starts up in June

The National Agricultural Development Company (NADEC) expects phase1 of its cattle ranch no. 7 to start operations in June 2014 with a partial capacity of 10,800 heads. Capacity is expected to rise to 20,000 heads after phase2.

NADEC’s total cattle herd grew from 60,618 heads in 2012 to 62,050 heads by the end of 2013, according to 2013 annual report that was published today.

In the report, NADEC disclosed that Chairman Suleiman Al Rajhi retained the ownership of 1.7m shares representing 2.9% of the company by the end of 2013 compared to 4.2m shares in 2012.

The following table shows his ownership progress since 2012:

The company earlier posted a net profit of SAR 100.2m (1.67/share) for 2013, an increase of 5 % compared to the previous year. NADEC’s board recommended raising the company’s capital to SAR 700m (16.7% increase) through the issuance of bonus shares to support the company’s future expansions.