Nadec says dairy farm project to be completed by May

The National Agricultural Development Co. (Nadec) said that phase I of its cow farm project is expected to be completed in May and will start full operations by the year’s end.

Last October, the dairy farm utilization rate reached around 40 percent, or 10,800 heads.

Nadec owned 63,703 heads by the end of 2014, compared to 62,050 heads earlier on in the year.

The bourse-listed dairy producer generated SAR 107.2 million, at SAR 1.53 per share in fiscal year 2014, rising 7 percent year-on-year. Nadec’s board recommended a capital hike to SAR 770 million through the distribution of a 10 percent bonus share to fund the company’s investment opportunities.

The company’s board of directors said in its annual report that Sheikh Sulaiman bin Abdulaziz Al Rajhi owned a 0.5 percent stake, or 340,000 shares in NADEC by the end of 2014, compared to 1.7 million shares in 2013.