NADEC 9M 2026 net profit drops 43% to SAR 188.66M; Q3 at SAR 30.4M

18/10/2026 Argaam Exclusive

National Agricultural Development Co. (NADEC) reported a net profit decline of 43% to SAR 188.66 million in the nine months ended Sept. 30, 2026, from SAR 329.35 million in the year-earlier period.



Financials (Million Riyal)

Item 9m 2025 9m 2026 Change‬
Revenues 2,685.53 2,704.03 0.7 %
Gross Income 930.58 774.51 (16.8 %)
Operating Income 321.16 142.57 (55.6 %)
Net Income 329.35 188.66 (42.7 %)
Average Shares 301.64 301.64 -
Earnings Per Share before unusual items (Riyals) 1.08 0.36 (66.7 %)
EPS (Riyal) 1.09 0.63 (42.7 %)

The company attributed the profit decline to a 6.01-percentage-point increase in the cost-of-sales-to-revenue ratio, driven by an exceptional rise in feed and nutritional input costs, freight charges and additional surcharges associated with regional maritime disruptions. This resulted in a total financial impact of SAR 107.10 million during the current period. Management expects these exceptional cost pressures to ease as the regional operating environment gradually normalizes.

 

The company also reported a 6.7% increase in selling and marketing expenses year-on-year (YoY), driven by higher distribution costs; and a SAR 24.06 million YoY decline in treasury income due to lower Murabaha income.

 

Other reasons include an increase in NADEC's share of losses from its investment in the joint venture, Al Raie National Livestock Co., to SAR 15 million during the current period, compared to SAR 0.76 million in the same period last year; and a 16.8% YoY decline in gross profit to SAR 774.51 million due to a higher cost-of-sales-to-revenue ratio amid the aforementioned cost pressures.

 

The company also noted a 36.4% YoY decline in operating profit to SAR 200.08 million due to a higher cost-of-sales-to-revenue ratio and increased selling and marketing expenses.

 

This was partially offset by a non-recurring gain of SAR 73 million recognized during the current period following the reversal of impairment losses on long-outstanding receivables collected during the period.

 

Additionally, revenue increased 0.7% YoY to SAR 2.7 billion driven by a 69.1% rise in protein segment sales, despite revenue declines of 1.7% and 49.8% in the dairy and food processing and agricultural segments, respectively.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q3 2025 Q3 2026 Change‬
Revenues 843.61 909.72 7.8 %
Gross Income 291.67 242.61 (16.8 %)
Operating Income 103.60 31.93 (69.2 %)
Net Income 110.67 30.40 (72.5 %)
Average Shares 301.64 301.64 -
Earnings Per Share before unusual items (Riyal) 0.37 0.08 (79.0 %)
EPS (Riyal) 0.37 0.10 (72.5 %)

Q3 2026 net earnings slumped 73% to SAR 30.4 million, compared to SAR 110.67 million in Q3 2025, on a 7.90-percentage-point increase in the cost-of-sales-to-revenue ratio, driven by an exceptional rise in feed and nutritional input costs, freight charges, additional surcharges and risk premiums associated with regional maritime disruptions. The higher costs had a financial impact of SAR 56 million during the current quarter. Management expects these exceptional cost pressures to ease as the regional operating environment gradually normalizes.

 

Selling and marketing expenses increased by 12.9%, compared to the same quarter last year, driven by higher distribution costs.

 

The company also cited a SAR 10.93 million decline in treasury income compared to the same quarter last year, due to lower Murabaha income.

 

On a quarterly basis, net profit dropped 53% from SAR 64.56 million in Q2 2026.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 4.79 billion as of Sept. 30, 2026, compared to SAR 4.56 billion in the prior-year period.

 

Attached Documents

 

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Share Price

National Agricultural Development Co.
12.52
(0.27) (2.11 %)

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Financial Ratios
Current
Market Cap (M Riyal) 3,776.53
Enterprise Value (EV) (M Riyal) 2,716.04
Shares Outstanding ((M)) 301.64
Recurring EPS ( Riyal) (TTM) 0.57
Book Value (BV) ( Riyal) 15.88
Par Value ( Riyal) 10.00
Recurring P/E (TTM) 21.90
P/E (TTM) 14.95
Price/book 0.79
Dividend Yield (%) (Last Year) -
Return on Average Assets (%) (TTM) 4.1
Return on Average Equity (%) (TTM) 5.4
EV/adj EBITDA 4.95
EV/Revenues 0.77
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Financial results (Million Riyal)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2003 99.49 - 30.77 - 2.71 -
Q2 2003 135.53 - 38.21 - 6.10 -
Q3 2003 136.70 - 36.21 - 5.93 -
Q4 2003 150.47 - 55.64 - 17.45 -
Q1 2004 115.69 16.3 % 41.27 34.1 % 8.41 210.9 %
Q2 2004 172.15 27.0 % 56.56 48.0 % 19.47 219.4 %
Q3 2004 150.68 10.2 % 55.81 54.1 % 15.44 160.2 %
Q4 2004 150.71 0.2 % 58.36 4.9 % 12.63 (27.6 %)
Q1 2005 120.16 3.9 % 41.75 1.2 % 5.87 (30.3 %)
Q2 2005 165.18 (4.0 %) 73.23 29.5 % 28.30 45.4 %
Q3 2005 168.67 11.9 % 60.27 8.0 % 13.12 (15.0 %)
Q4 2005 248.69 65.0 % 77.14 32.2 % 15.71 24.4 %
Q1 2006 151.17 25.8 % 51.71 23.9 % 3.71 (36.8 %)
Q2 2006 246.28 49.1 % 78.37 7.0 % 19.30 (31.8 %)
Q3 2006 216.32 28.2 % 103.47 71.7 % 39.32 199.6 %
Q4 2006 237.84 (4.4 %) 92.24 19.6 % 19.01 21.0 %
Q1 2007 195.37 29.2 % 73.08 41.3 % 8.44 127.6 %
Q2 2007 294.84 19.7 % 95.70 22.1 % 14.59 (24.4 %)
Q3 2007 276.68 27.9 % 122.38 18.3 % 39.53 0.5 %
Q4 2007 315.24 32.5 % 115.43 25.1 % 22.34 17.5 %
Q1 2008 259.00 32.6 % 89.04 21.8 % 14.45 71.2 %
Q2 2008 403.32 36.8 % 128.77 34.5 % 38.47 163.8 %
Q3 2008 358.36 29.5 % 143.94 17.6 % 38.95 (1.5 %)
Q4 2008 317.96 0.9 % 114.89 (0.5 %) (3.56) (115.9 %)
Q1 2009 279.43 7.9 % 92.64 4.1 % 3.90 (73.0 %)
Q2 2009 390.91 (3.1 %) 100.65 (21.8 %) (4.66) (112.1 %)
Q3 2009 344.95 (3.7 %) 131.08 (8.9 %) 24.81 (36.3 %)
Q4 2009 319.22 0.4 % 94.08 (18.1 %) (17.55) (393.8 %)
Q1 2010 318.88 14.1 % 108.92 17.6 % 8.12 108.0 %
Q2 2010 402.13 2.9 % 119.66 18.9 % 11.29 342.4 %
Q3 2010 353.50 2.5 % 134.21 2.4 % 24.67 (0.6 %)
Q4 2010 373.05 16.9 % 115.62 22.9 % (7.84) 55.3 %
Q1 2011 345.99 8.5 % 123.33 13.2 % 25.29 211.4 %
Q2 2011 430.32 7.0 % 137.27 14.7 % 24.99 121.4 %
Q3 2011 405.64 14.7 % 151.48 12.9 % 36.96 49.8 %
Q4 2011 375.71 0.7 % 137.77 19.2 % 33.15 522.6 %
Q1 2012 368.00 6.4 % 139.45 13.1 % 22.32 (11.7 %)
Q2 2012 489.99 13.9 % 167.58 22.1 % 37.46 49.9 %
Q3 2012 456.77 12.6 % 180.18 18.9 % 42.35 14.6 %
Q4 2012 412.72 9.8 % 149.34 8.4 % 20.10 (39.4 %)
Q1 2013 424.48 15.3 % 161.86 16.1 % 26.28 17.8 %
Q2 2013 543.00 10.8 % 184.49 10.1 % 37.72 0.7 %
Q3 2013 512.17 12.1 % 189.43 5.1 % 41.47 (2.1 %)
Q4 2013 448.44 8.7 % 168.89 13.1 % 24.72 22.9 %
Q1 2014 484.04 14.0 % 181.66 12.2 % 34.41 30.9 %
Q2 2014 575.64 6.0 % 209.51 13.6 % 34.61 (8.3 %)
Q3 2014 504.62 (1.5 %) 202.12 6.7 % 48.70 17.4 %
Q4 2014 508.06 13.3 % 181.69 7.6 % 30.03 21.5 %
Q1 2015 534.41 10.4 % 201.91 11.2 % 36.82 7.0 %
Q2 2015 689.65 19.8 % 258.42 23.3 % 49.92 44.2 %
Q3 2015 566.66 12.3 % 241.42 19.4 % 56.31 15.6 %
Q4 2015 553.18 8.9 % 248.35 36.7 % 43.29 44.1 %
Q1 2016 509.36 (4.7 %) 202.88 0.5 % 39.53 7.4 %
Q2 2016 638.59 (7.4 %) 245.44 (5.0 %) 52.82 5.8 %
Q3 2016 550.24 (2.9 %) 203.74 (15.6 %) 52.15 (7.4 %)
Q4 2016 478.32 (13.5 %) 186.58 (24.9 %) 30.39 (29.8 %)
Q1 2017 481.94 (5.4 %) 183.29 (9.7 %) 23.14 (41.5 %)
Q2 2017 578.64 (9.4 %) 203.13 (17.2 %) 28.67 (45.7 %)
Q3 2017 510.76 (7.2 %) 179.16 (12.1 %) 26.24 (49.7 %)
Q4 2017 461.14 (3.6 %) 165.50 (11.3 %) 1.98 (93.5 %)
Q1 2018 474.09 (1.6 %) 162.54 (11.3 %) 19.36 (16.3 %)
Q2 2018 559.72 (3.3 %) 212.38 4.6 % 39.58 38.1 %
Q3 2018 574.71 12.5 % 221.26 23.5 % 58.99 124.8 %
Q4 2018 487.52 5.7 % 178.90 8.1 % 12.54 534.4 %
Q1 2019 530.47 11.9 % 203.27 25.1 % 42.88 121.5 %
Q2 2019 604.19 7.9 % 227.57 7.2 % 53.48 35.1 %
Q3 2019 578.45 0.7 % 218.31 (1.3 %) 62.51 6.0 %
Q4 2019 512.15 5.1 % 195.44 9.2 % 33.01 163.2 %
Q1 2020 559.15 5.4 % 202.47 (0.4 %) 36.07 (15.9 %)
Q2 2020 608.06 0.6 % 211.64 (7.0 %) 33.04 (38.2 %)
Q3 2020 587.23 1.5 % 182.87 (16.2 %) 10.01 (84.0 %)
Q4 2020 548.62 7.1 % 128.87 (34.1 %) (14.98) (145.4 %)
Q1 2021 540.96 (3.3 %) 174.60 (13.8 %) 24.66 (31.6 %)
Q2 2021 548.74 (9.8 %) 167.19 (21.0 %) 11.52 (65.1 %)
Q3 2021 610.76 4.0 % 180.66 (1.2 %) 24.74 147.2 %
Q4 2021 571.86 4.2 % 108.40 (15.9 %) (67.24) (348.9 %)
Q1 2022 613.53 13.4 % 191.19 9.5 % 34.98 41.8 %
Q2 2022 707.75 29.0 % 191.37 14.5 % 37.43 224.9 %
Q3 2022 702.67 15.0 % 220.39 22.0 % 48.97 97.9 %
Q4 2022 670.30 17.2 % 205.39 89.5 % 38.17 156.8 %
Q1 2023 749.41 22.1 % 278.15 45.5 % 65.84 88.2 %
Q2 2023 785.86 11.0 % 295.88 54.6 % 86.88 132.1 %
Q3 2023 861.10 22.5 % 323.61 46.8 % 97.63 99.4 %
Q4 2023 800.60 19.4 % 286.11 39.3 % 88.14 130.9 %
Q1 2024 857.58 14.4 % 322.71 16.0 % 109.54 66.4 %
Q2 2024 790.06 0.5 % 298.57 0.9 % 105.07 20.9 %
Q3 2024 791.09 (8.1 %) 290.33 (10.3 %) 108.75 11.4 %
Q4 2024 781.67 (2.4 %) 280.72 (1.9 %) 98.03 11.2 %
Q1 2025 1,011.45 17.9 % 325.75 0.9 % 109.45 (0.1 %)
Q2 2025 830.47 5.1 % 313.16 4.9 % 108.11 2.9 %
Q3 2025 843.61 6.6 % 291.67 0.5 % 103.60 (4.7 %)
Q4 2025 841.45 7.6 % 250.90 (10.6 %) 42.48 (56.7 %)
Q1 2026 917.86 (9.3 %) 282.37 (13.3 %) 63.43 (42.0 %)
Q2 2026 876.44 5.5 % 249.52 (20.3 %) 78.64 (27.3 %)
Q3 2026 909.72 7.8 % 242.61 (16.8 %) 31.93 (69.2 %)


Profit Performance (Million Riyal)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2003 1.98 - 0.01 - 1.98 0.01
Q2 2003 5.73 - 0.03 - 5.73 0.03
Q3 2003 6.58 - 0.03 - 6.58 0.03
Q4 2003 13.25 - 0.06 - 13.25 0.06
Q1 2004 8.32 320.2 % 0.04 - 8.32 0.04
Q2 2004 21.02 267.0 % 0.10 - 21.02 0.10
Q3 2004 15.74 139.1 % 0.07 - 15.74 0.07
Q4 2004 13.25 (0.1 %) 0.06 - 13.25 0.06
Q1 2005 6.01 (27.8 %) 0.03 - 6.01 0.03
Q2 2005 27.03 28.6 % 0.13 - 27.03 0.13
Q3 2005 12.06 (23.4 %) 0.06 - 12.06 0.06
Q4 2005 17.08 28.9 % 0.08 - 17.08 0.08
Q1 2006 5.27 (12.3 %) 0.02 - 5.27 0.02
Q2 2006 19.38 (28.3 %) 0.09 - 19.38 0.09
Q3 2006 36.66 204.0 % 0.17 - 36.66 0.17
Q4 2006 56.99 233.8 % 0.27 36.42 20.58 0.10
Q1 2007 23.56 347.1 % 0.11 - 23.56 0.11
Q2 2007 22.89 18.1 % 0.11 - 22.89 0.11
Q3 2007 38.35 4.6 % 0.18 - 38.35 0.18
Q4 2007 (13.22) (123.2 %) (0.06) - (13.22) (0.06)
Q1 2008 4.08 (82.7 %) 0.02 (2.13) 6.21 0.03
Q2 2008 37.79 65.1 % 0.18 0.06 37.72 0.18
Q3 2008 31.64 (17.5 %) 0.15 0.03 31.61 0.15
Q4 2008 (4.71) 64.4 % (0.02) 9.88 (14.59) (0.07)
Q1 2009 (4.37) (207.1 %) (0.02) 0.56 (4.92) (0.02)
Q2 2009 (16.84) (144.6 %) (0.08) 0.48 (17.32) (0.08)
Q3 2009 11.34 (64.2 %) 0.05 (0.09) 11.42 0.05
Q4 2009 (33.04) (602.0 %) (0.16) 0.63 (33.68) (0.16)
Q1 2010 3.82 187.6 % 0.02 1.82 2.00 0.01
Q2 2010 4.66 127.6 % 0.02 3.14 1.52 0.01
Q3 2010 15.94 40.6 % 0.07 1.43 14.51 0.07
Q4 2010 (13.96) 57.8 % (0.07) 1.17 (15.13) (0.07)
Q1 2011 20.53 436.8 % 0.10 1.24 19.29 0.09
Q2 2011 19.49 318.5 % 0.09 2.52 16.97 0.08
Q3 2011 30.07 88.6 % 0.14 1.71 28.36 0.13
Q4 2011 21.20 251.9 % 0.10 1.30 19.90 0.09
Q1 2012 21.48 4.6 % 0.10 4.75 16.73 0.08
Q2 2012 27.21 39.6 % 0.13 0.56 26.65 0.13
Q3 2012 32.67 8.7 % 0.15 1.09 31.59 0.15
Q4 2012 14.30 (32.5 %) 0.07 2.56 11.74 0.06
Q1 2013 22.35 4.0 % 0.10 2.20 20.14 0.09
Q2 2013 30.00 10.3 % 0.14 4.35 25.66 0.12
Q3 2013 33.02 1.1 % 0.16 2.63 30.38 0.14
Q4 2013 14.81 3.6 % 0.07 (1.45) 16.26 0.08
Q1 2014 24.77 10.9 % 0.12 - 24.77 0.12
Q2 2014 28.00 (6.7 %) 0.13 - 28.00 0.13
Q3 2014 34.41 4.2 % 0.16 - 34.41 0.16
Q4 2014 20.02 35.2 % 0.09 - 20.02 0.09
Q1 2015 26.16 5.6 % 0.12 - 26.16 0.12
Q2 2015 35.10 25.4 % 0.16 - 35.10 0.16
Q3 2015 45.69 32.8 % 0.21 - 45.69 0.21
Q4 2015 34.37 71.7 % 0.16 (3.97) 38.35 0.18
Q1 2016 23.75 (9.2 %) 0.11 (1.86) 25.60 0.12
Q2 2016 35.57 1.3 % 0.17 (3.45) 39.02 0.18
Q3 2016 28.65 (37.3 %) 0.13 (4.88) 33.53 0.16
Q4 2016 6.26 (81.8 %) 0.03 (10.85) 17.11 0.08
Q1 2017 4.34 (81.7 %) 0.02 - 4.34 0.02
Q2 2017 25.89 (27.2 %) 0.12 22.00 3.89 0.02
Q3 2017 17.33 (39.5 %) 0.08 7.69 9.63 0.05
Q4 2017 (7.61) (221.5 %) (0.04) - (7.61) (0.04)
Q1 2018 (5.02) (215.9 %) (0.02) - (5.02) (0.02)
Q2 2018 19.51 (24.6 %) 0.09 - 19.51 0.09
Q3 2018 35.13 102.8 % 0.17 - 35.13 0.17
Q4 2018 (47.88) (529.4 %) (0.22) (52.68) 4.79 0.02
Q1 2019 (3.67) 26.9 % (0.02) (20.77) 17.10 0.08
Q2 2019 7.07 (63.8 %) 0.03 (24.71) 31.77 0.15
Q3 2019 49.32 40.4 % 0.23 2.35 46.97 0.22
Q4 2019 (60.01) (25.3 %) (0.28) (79.80) 19.79 0.09
Q1 2020 18.19 595.3 % 0.09 - 18.19 0.09
Q2 2020 131.63 1763.1 % 0.62 111.61 20.01 0.09
Q3 2020 (44.89) (191.0 %) (0.21) (43.89) (1.01) 0.00
Q4 2020 (69.27) (15.4 %) (0.33) (57.25) (12.02) (0.06)
Q1 2021 6.37 (65.0 %) 0.03 - 6.37 0.03
Q2 2021 (17.35) (113.2 %) (0.08) - (17.35) (0.08)
Q3 2021 3.21 107.2 % 0.02 - 3.21 0.02
Q4 2021 (277.26) (300.3 %) (1.30) (182.26) (95.00) (0.45)
Q1 2022 15.12 137.6 % 0.07 - 15.12 0.07
Q2 2022 27.49 258.5 % 0.13 - 27.49 0.13
Q3 2022 27.75 763.6 % 0.13 - 27.75 0.13
Q4 2022 25.12 109.1 % 0.12 - 25.12 0.12
Q1 2023 37.69 149.2 % 0.18 - 37.69 0.18
Q2 2023 65.13 136.9 % 0.31 - 65.13 0.31
Q3 2023 75.27 171.2 % 0.35 - 75.27 0.35
Q4 2023 123.98 393.6 % 0.41 26.00 97.98 0.32
Q1 2024 101.33 168.9 % 0.34 - 101.33 0.34
Q2 2024 111.88 71.8 % 0.37 - 111.88 0.37
Q3 2024 113.38 50.6 % 0.38 - 113.38 0.38
Q4 2024 448.05 261.4 % 1.49 356.51 91.53 0.30
Q1 2025 103.42 2.1 % 0.34 - 103.42 0.34
Q2 2025 115.26 3.0 % 0.38 3.70 111.56 0.37
Q3 2025 110.67 (2.4 %) 0.37 - 110.67 0.37
Q4 2025 63.99 (85.7 %) 0.21 - 63.99 0.21
Q1 2026 93.71 (9.4 %) 0.31 40.20 53.51 0.18
Q2 2026 64.56 (44.0 %) 0.21 32.84 31.72 0.11
Q3 2026 30.40 (72.5 %) 0.10 7.19 23.21 0.08

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2003 - - -
Q2 2003 - - -
Q3 2003 - - -
Q4 2003 30.80 % 18.65 % 5.28 %
Q1 2004 31.82 % 18.88 % 6.29 %
Q2 2004 32.99 % 20.04 % 8.55 %
Q3 2004 35.53 % 21.36 % 9.91 %
Q4 2004 35.98 % 20.83 % 9.90 %
Q1 2005 35.79 % 20.71 % 9.43 %
Q2 2005 39.06 % 23.02 % 10.57 %
Q3 2005 38.63 % 22.47 % 9.65 %
Q4 2005 35.92 % 21.42 % 8.85 %
Q1 2006 35.76 % 20.84 % 8.37 %
Q2 2006 32.83 % 18.26 % 6.60 %
Q3 2006 36.02 % 20.80 % 9.09 %
Q4 2006 38.26 % 21.45 % 9.62 %
Q1 2007 38.75 % 21.69 % 11.18 %
Q2 2007 38.60 % 20.90 % 10.98 %
Q3 2007 38.16 % 20.47 % 10.49 %
Q4 2007 37.57 % 19.11 % 6.62 %
Q1 2008 36.88 % 19.26 % 4.73 %
Q2 2008 36.33 % 20.22 % 5.51 %
Q3 2008 35.72 % 19.79 % 4.67 %
Q4 2008 35.61 % 19.23 % 4.55 %
Q1 2009 35.34 % 18.95 % 3.67 %
Q2 2009 33.57 % 16.47 % (0.39 %)
Q3 2009 32.95 % 16.22 % (1.91 %)
Q4 2009 31.36 % 15.24 % (3.33 %)
Q1 2010 31.64 % 15.57 % (2.73 %)
Q2 2010 32.76 % 16.95 % (1.35 %)
Q3 2010 32.78 % 15.00 % (1.12 %)
Q4 2010 33.05 % 14.96 % 0.20 %
Q1 2011 33.42 % 15.14 % 1.37 %
Q2 2011 33.96 % 15.14 % 2.37 %
Q3 2011 33.94 % 16.49 % 3.18 %
Q4 2011 35.30 % 19.08 % 5.43 %
Q1 2012 35.83 % 18.67 % 5.19 %
Q2 2012 36.37 % 18.81 % 5.59 %
Q3 2012 36.97 % 18.74 % 5.61 %
Q4 2012 36.85 % 17.78 % 5.02 %
Q1 2013 36.94 % 17.69 % 5.05 %
Q2 2013 36.79 % 17.39 % 4.85 %
Q3 2013 36.20 % 17.13 % 4.65 %
Q4 2013 36.55 % 17.30 % 4.79 %
Q1 2014 36.45 % 17.46 % 4.88 %
Q2 2014 37.10 % 17.35 % 4.92 %
Q3 2014 37.87 % 17.98 % 5.14 %
Q4 2014 37.40 % 18.12 % 5.17 %
Q1 2015 37.46 % 18.15 % 5.12 %
Q2 2015 37.74 % 18.33 % 5.17 %
Q3 2015 38.43 % 18.61 % 5.52 %
Q4 2015 40.54 % 19.28 % 6.20 %
Q1 2016 41.01 % 20.08 % 6.24 %
Q2 2016 41.37 % 21.22 % 6.55 %
Q3 2016 39.99 % 21.73 % 6.06 %
Q4 2016 38.53 % 22.08 % 5.30 %
Q1 2017 38.11 % 22.18 % 4.37 %
Q2 2017 37.18 % 21.65 % 2.82 %
Q3 2017 36.70 % 21.04 % 1.71 %
Q4 2017 35.97 % 20.18 % 0.50 %
Q1 2018 35.08 % 19.38 % 0.04 %
Q2 2018 35.88 % 19.59 % 0.82 %
Q3 2018 36.80 % 19.85 % 2.03 %
Q4 2018 36.98 % 19.22 % 2.60 %
Q1 2019 37.90 % 19.55 % 3.56 %
Q2 2019 37.83 % 19.83 % 4.04 %
Q3 2019 37.63 % 19.99 % 4.57 %
Q4 2019 37.96 % 21.11 % 5.20 %
Q1 2020 37.44 % 20.91 % 5.18 %
Q2 2020 36.67 % 20.23 % 4.65 %
Q3 2020 34.96 % 17.94 % 2.51 %
Q4 2020 31.52 % 15.49 % 1.09 %
Q1 2021 30.55 % 14.84 % 0.58 %
Q2 2021 29.36 % 13.99 % (1.08 %)
Q3 2021 28.96 % 14.30 % (0.88 %)
Q4 2021 27.76 % 11.60 % (4.52 %)
Q1 2022 27.61 % 11.42 % (4.01 %)
Q2 2022 26.82 % 11.44 % (1.96 %)
Q3 2022 27.40 % 11.63 % (0.95 %)
Q4 2022 30.00 % 14.77 % 3.54 %
Q1 2023 31.63 % 14.93 % 4.17 %
Q2 2023 34.38 % 16.11 % 5.35 %
Q3 2023 35.97 % 16.93 % 6.63 %
Q4 2023 37.03 % 17.92 % 8.64 %
Q1 2024 37.16 % 18.80 % 10.28 %
Q2 2024 37.20 % 19.44 % 11.68 %
Q3 2024 36.97 % 20.26 % 13.11 %
Q4 2024 37.02 % 20.74 % 12.98 %
Q1 2025 35.43 % 20.04 % 12.45 %
Q2 2025 35.43 % 20.35 % 12.30 %
Q3 2025 34.94 % 20.34 % 12.03 %
Q4 2025 33.50 % 18.95 % 11.05 %
2025 33.50 % 18.95 % 11.05 %
Q1 2026 33.15 % 18.49 % 9.90 %
Q2 2026 30.88 % 17.62 % 7.47 %
Q3 2026 28.92 % 15.47 % 4.86 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2003 212.89 - - 4.05
Q2 2003 212.89 - - 4.08
Q3 2003 212.89 - - 4.11
Q4 2003 212.89 0.13 0.13 4.08
Q1 2004 212.89 0.16 0.16 4.11
Q2 2004 212.89 0.23 0.23 4.21
Q3 2004 212.89 0.27 0.27 4.29
Q4 2004 212.89 0.27 0.27 4.15
Q1 2005 212.89 0.26 0.26 4.17
Q2 2005 212.89 0.29 0.29 4.30
Q3 2005 212.89 0.27 0.27 4.35
Q4 2005 212.89 0.29 0.29 4.42
Q1 2006 212.89 0.29 0.29 4.46
Q2 2006 212.89 0.25 0.25 4.42
Q3 2006 212.89 0.37 0.37 4.52
Q4 2006 212.89 0.56 0.38 4.74
Q1 2007 212.89 0.64 0.47 4.88
Q2 2007 212.89 0.66 0.49 4.83
Q3 2007 212.89 0.67 0.49 4.83
Q4 2007 212.89 0.34 0.34 4.65
Q1 2008 212.89 0.24 0.25 4.66
Q2 2008 212.89 0.31 0.32 4.84
Q3 2008 212.89 0.28 0.29 4.99
Q4 2008 212.89 0.32 0.29 4.97
Q1 2009 212.89 0.28 0.23 4.74
Q2 2009 212.89 0.03 (0.02) 4.66
Q3 2009 212.89 (0.07) (0.12) 4.72
Q4 2009 212.89 (0.20) (0.21) 4.52
Q1 2010 212.89 (0.16) (0.18) 4.60
Q2 2010 212.89 (0.06) (0.09) 4.62
Q3 2010 212.89 (0.04) (0.07) 4.70
Q4 2010 212.89 0.05 0.01 4.56
Q1 2011 212.89 0.13 0.09 4.66
Q2 2011 212.89 0.20 0.17 4.75
Q3 2011 212.89 0.26 0.23 4.89
Q4 2011 212.89 0.43 0.40 4.99
Q1 2012 212.89 0.43 0.38 4.88
Q2 2012 212.89 0.47 0.43 5.01
Q3 2012 212.89 0.48 0.45 5.02
Q4 2012 212.89 0.45 0.41 5.09
Q1 2013 212.89 0.45 0.42 5.19
Q2 2013 212.89 0.47 0.42 5.19
Q3 2013 212.89 0.47 0.41 5.34
Q4 2013 212.89 0.47 0.43 5.41
Q1 2014 212.89 0.48 0.46 5.53
Q2 2014 212.89 0.47 0.47 5.66
Q3 2014 212.89 0.48 0.49 5.82
Q4 2014 212.89 0.50 0.50 5.91
Q1 2015 212.89 0.51 0.51 5.87
Q2 2015 212.89 0.54 0.54 6.03
Q3 2015 212.89 0.60 0.60 6.25
Q4 2015 212.89 0.66 0.68 6.41
Q1 2016 212.89 0.65 0.68 6.48
Q2 2016 212.89 0.65 0.70 6.52
Q3 2016 212.89 0.57 0.64 6.66
Q4 2016 212.89 0.44 0.54 6.66
Q1 2017 212.89 0.35 0.44 6.68
Q2 2017 212.89 0.31 0.28 6.70
Q3 2017 212.89 0.25 0.16 6.78
Q4 2017 212.89 0.19 0.05 6.70
Q1 2018 212.89 0.14 0.00 6.67
Q2 2018 212.89 0.11 0.08 6.76
Q3 2018 212.89 0.20 0.20 6.93
Q4 2018 212.89 0.01 0.26 6.79
Q1 2019 212.89 0.01 0.36 6.78
Q2 2019 212.89 (0.04) 0.42 6.81
Q3 2019 212.89 0.02 0.47 7.04
Q4 2019 212.89 (0.03) 0.54 6.77
Q1 2020 212.89 0.07 0.55 6.85
Q2 2020 212.89 0.65 0.49 7.47
Q3 2020 212.89 0.21 0.27 7.26
Q4 2020 212.89 0.17 0.12 6.94
Q1 2021 212.89 0.11 0.06 6.97
Q2 2021 212.89 (0.59) (0.11) 6.89
Q3 2021 212.89 (0.36) (0.09) 6.91
Q4 2021 212.89 (1.34) (0.48) 5.62
Q1 2022 212.89 (1.30) (0.44) 5.69
Q2 2022 212.89 (1.09) (0.23) 5.82
Q3 2022 212.89 (0.97) (0.12) 5.95
Q4 2022 212.89 0.45 0.45 6.08
Q1 2023 212.89 0.55 0.55 6.26
Q2 2023 212.89 0.73 0.73 6.57
Q3 2023 212.89 0.95 0.95 6.92
Q4 2023 301.64 1.00 0.92 11.91
Q1 2024 301.64 1.21 1.13 12.25
Q2 2024 301.64 1.37 1.28 12.62
Q3 2024 301.64 1.49 1.41 13.00
Q4 2024 301.64 2.57 1.39 14.25
Q1 2025 301.64 2.58 1.39 14.59
Q2 2025 301.64 2.59 1.39 14.77
Q3 2025 301.64 2.58 1.38 15.13
Q4 2025 301.64 1.30 1.29 15.28
Q1 2026 301.64 1.27 1.13 15.61
Q2 2026 301.64 1.10 0.86 15.97
Q3 2026 301.64 0.84 0.57 15.88

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2003 - - 0.66
Q2 2003 - - 0.94
Q3 2003 - - 0.92
Q4 2003 41.04 41.04 1.30
Q1 2004 42.82 42.82 1.66
Q2 2004 35.31 35.31 1.94
Q3 2004 37.77 37.77 2.41
Q4 2004 35.16 35.16 2.32
Q1 2005 40.24 40.24 2.54
Q2 2005 85.14 85.14 5.77
Q3 2005 95.96 95.96 6.04
Q4 2005 More than 100 More than 100 7.73
Q1 2006 72.12 72.12 4.66
Q2 2006 More than 100 More than 100 6.38
Q3 2006 71.03 71.03 5.79
Q4 2006 19.16 27.67 2.24
Q1 2007 24.27 33.09 3.19
Q2 2007 19.32 26.10 2.63
Q3 2007 22.38 30.11 3.09
Q4 2007 50.25 50.25 3.63
Q1 2008 64.99 62.43 3.41
Q2 2008 51.70 50.15 3.36
Q3 2008 47.08 45.54 2.67
Q4 2008 39.04 44.07 2.54
Q1 2009 41.40 50.15 2.48
Q2 2009 More than 100 NEG 3.37
Q3 2009 NEG NEG 3.32
Q4 2009 NEG NEG 2.98
Q1 2010 NEG NEG 2.67
Q2 2010 NEG NEG 2.23
Q3 2010 NEG NEG 2.17
Q4 2010 More than 100 More than 100 2.28
Q1 2011 81.03 More than 100 2.22
Q2 2011 54.04 63.69 2.24
Q3 2011 39.67 44.99 2.14
Q4 2011 27.76 29.98 2.38
Q1 2012 30.50 34.33 2.71
Q2 2012 23.48 25.61 2.20
Q3 2012 26.19 28.32 2.51
Q4 2012 24.25 26.76 2.14
Q1 2013 23.86 25.56 2.08
Q2 2013 22.68 25.28 2.04
Q3 2013 24.64 27.93 2.16
Q4 2013 25.63 27.77 2.23
Q1 2014 33.06 34.94 2.88
Q2 2014 40.87 41.35 3.41
Q3 2014 44.06 43.45 3.63
Q4 2014 28.33 28.33 2.41
Q1 2015 35.79 35.79 3.11
Q2 2015 31.73 31.73 2.86
Q3 2015 25.57 25.57 2.44
Q4 2015 24.77 24.10 2.57
Q1 2016 16.88 16.20 1.70
Q2 2016 18.70 17.53 1.88
Q3 2016 17.66 15.83 1.52
Q4 2016 30.52 24.95 2.03
Q1 2017 45.43 36.17 2.39
Q2 2017 49.85 55.16 2.28
Q3 2017 66.87 More than 100 2.49
Q4 2017 97.21 More than 100 2.72
Q1 2018 More than 100 More than 100 3.30
Q2 2018 More than 100 More than 100 2.98
Q3 2018 90.13 90.13 2.57
Q4 2018 More than 100 64.96 2.44
Q1 2019 More than 100 42.34 2.25
Q2 2019 NEG 32.71 2.00
Q3 2019 More than 100 31.49 2.11
Q4 2019 NEG 28.65 2.30
Q1 2020 More than 100 22.52 1.80
Q2 2020 28.94 38.36 2.53
Q3 2020 More than 100 81.02 2.99
Q4 2020 More than 100 More than 100 2.90
Q1 2021 More than 100 More than 100 3.06
Q2 2021 NEG NEG 3.95
Q3 2021 NEG NEG 3.58
Q4 2021 NEG NEG 3.66
Q1 2022 NEG NEG 3.60
Q2 2022 NEG NEG 3.65
Q3 2022 NEG NEG 2.93
Q4 2022 30.80 30.80 2.27
Q1 2023 33.73 33.73 2.99
Q2 2023 38.21 38.21 4.26
Q3 2023 33.67 33.67 4.64
Q4 2023 27.81 30.43 2.34
Q1 2024 23.92 25.75 2.37
Q2 2024 22.78 24.31 2.47
Q3 2024 18.58 19.72 2.14
Q4 2024 9.61 17.80 1.73
Q1 2025 9.75 18.02 1.72
Q2 2025 8.17 15.17 1.43
Q3 2025 8.46 15.77 1.44
Q4 2025 14.10 14.24 1.20
Q1 2026 14.00 15.80 1.14
Q2 2026 14.33 18.36 0.99
Q3 2026 16.14 23.65 0.85

Business Segments (Million Riyal)

Compared With The
Period Diary and food production Sector Agricultural Activity Protein. Adjustments
Q3 2005 114.00 55.00 - -
Q4 2005 138.00 111.00 - -
Q1 2006 118.00 38.00 - -
Q2 2006 140.00 125.00 - -
Q3 2006 166.00 35.00 - -
Q4 2006 162.00 68.00 - -
Q1 2007 149.00 51.00 - -
Q2 2007 188.00 122.00 - -
Q3 2007 221.00 42.00 - -
Q4 2007 203.00 107.00 - -
Q1 2008 205.00 57.00 - -
Q2 2008 256.00 152.00 - -
Q3 2008 290.00 66.00 - -
Q4 2008 243.00 70.00 - -
Q1 2009 226.00 53.00 - -
Q2 2009 268.00 125.00 - -
Q3 2009 304.00 39.00 - -
Q4 2009 260.00 60.00 - -
Q1 2010 262.00 58.00 - -
Q2 2010 296.00 114.00 - -
Q3 2010 314.00 34.00 - -
Q4 2010 282.00 88.00 - -
Q1 2011 283.00 64.00 - -
Q2 2011 320.00 124.00 - -
Q3 2011 343.00 53.00 - -
Q4 2011 304.00 67.00 - -
Q1 2012 318.00 50.00 - -
Q2 2012 374.00 121.00 - -
Q3 2012 402.00 50.00 - -
Q4 2012 352.00 60.00 - -
Q1 2013 380.00 45.00 - -
Q2 2013 419.00 124.00 - -
Q3 2013 472.00 40.00 - -
Q4 2013 396.00 52.00 - -
Q1 2014 450.00 34.00 - -
Q2 2014 494.00 82.00 - -
Q3 2014 475.00 29.00 - -
Q4 2014 457.00 51.00 - -
Q1 2015 478.00 56.00 - -
Q2 2015 563.00 134.00 - -
Q3 2015 468.00 54.00 - -
Q4 2015 514.00 62.00 - -
Q1 2016 477.97 50.36 - (18.98)
Q2 2016 557.12 153.10 - (71.63)
Q3 2016 501.92 130.07 - (81.74)
Q4 2016 440.00 115.34 - (77.02)
Q1 2017 454.05 49.71 - (21.83)
Q2 2017 522.99 155.92 - (100.26)
Q3 2017 463.36 140.82 - (93.43)
Q4 2017 419.96 116.16 - (74.98)
Q1 2018 435.05 72.91 - (33.88)
Q2 2018 485.11 149.04 - (74.44)
Q3 2018 506.35 155.11 - (86.76)
Q4 2018 460.47 65.34 - (38.29)
Q1 2019 502.12 50.71 - (22.36)
Q2 2019 559.68 59.21 - (14.69)
Q3 2019 542.40 55.99 - (19.94)
Q4 2019 495.71 33.58 - (17.15)
Q1 2020 529.79 48.62 - (19.26)
Q2 2020 572.05 49.27 - (13.26)
Q3 2020 557.70 54.97 - (25.44)
Q4 2020 502.70 68.38 - (22.46)
Q3 2021 587.74 46.93 - (23.91)
Q4 2021 540.45 44.65 - (13.24)
Q1 2022 596.91 33.17 - (16.55)
Q2 2022 660.80 62.49 - (15.54)
Q3 2022 687.01 24.59 - (8.93)
Q4 2022 655.77 23.08 - (8.55)
Q1 2023 749.16 11.43 - (11.18)
Q2 2023 736.85 63.62 - (14.62)
Q3 2023 836.54 34.97 - (10.41)
Q4 2023 757.54 57.80 - (14.75)
Q1 2024 804.74 16.93 48.88 (12.97)
Q2 2024 737.57 43.31 43.90 (34.72)
Q3 2024 759.40 34.83 37.73 (40.88)
Q4 2024 722.71 41.25 49.78 (32.07)
Q1 2025 836.95 124.15 95.33 (44.98)
Q2 2025 751.64 45.31 59.32 (25.80)
Q3 2025 755.58 54.05 62.74 (28.77)
Q4 2025 725.10 76.83 82.79 (43.26)
Q1 2026 825.65 19.32 123.79 (50.91)
Q2 2026 734.46 57.65 118.15 (33.81)
Q3 2026 771.43 54.11 125.62 (41.43)

Analysts Estimates (Million Riyal)

Item Profit (Expected) Profit (Actual) Change
Average 56.60 30.40

Estimates vs Actual (Million Riyal)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
SNB Capital 50.20 30.40 23.21
YAQEEN 63.00 30.40 23.21

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