NADEC to launch Hail red meat project soon: CEO

The project is being developed in partnership with United Feed Co., a subsidiary of Al Muhaidib Group, said Al-Twaijri in an interview with Al Ekhbariya TV, noting that the project is expected to positively impact NADEC's sales and profit growth.

The CEO went on to say that NADEC delivered a strong performance in the third quarter of this year. He added that while the company faced challenges, including a drop in dairy and juice sales, this was offset by cost reductions, particularly in financing and sales costs.

The dairy and juice segment represents more than 92% of NADEC's revenues. The company is continuously working to enhance its returns from this segment through supporting distribution, increasing sales channels, reinvesting, and bringing in new products that cater to consumers, according to the CEO.

"We are betting on the meat and agriculture segments, while continuing with the dairy and juice segment as a main contributor to the company's operations. We expect continued strong performance in terms of revenues and profit," he added.

As for the company's proceeds from the initial public offering of Arabian Mills for Food Products Co., Al-Twaijri stated that they will be injected into NADEC's projects through supporting its main segment and supporting investments in the meat and agriculture segment.

NADEC earlier posted an 83% rise in net profit to SAR 326.6 million in the first nine months of 2024, compared to SAR 178.1 million in the prior-year period. The third-quarter net earnings leapt 51% to SAR 113.4 million, data available to Argaam showed.