Logo of National Agricultural Development Co. (NADEC)
National Agricultural Development Co. (NADEC) said that its revenues from the Saudi segment plunged by 6% to reach SAR 648 million in the third quarter of 2024, compared to the same period last year.
While presenting its Q3 2024 results to analysts and investors, the company added that revenues from the GCC segment went down by 27% year-on-year (YoY) to SAR 67 million.
It also indicated that revenues from the exports and the agricultural segments retreated to SAR 29 million and SAR 11 million, respectively. Meanwhile, revenues from the protein segment rose YoY to SAR 38 million for the same quarter.
|
Revenues by Segment (SAR mln) |
|||
|
Revenue |
Q3 2023 |
Q3 2024 |
Change |
|
Saudi Arabia |
686 |
648 |
(6%) |
|
GCC |
91 |
67 |
(27%) |
|
Protein |
0 |
38 |
-- |
|
Exports |
35 |
29 |
(17%) |
|
Agricultural |
49 |
11 |
(78%) |
|
Total |
861 |
791 |
(8%) |
NADEC also clarified that revenues from the Saudi segment accounted for 82% of its total revenues for the third quarter of this year. Meanwhile, revenues from the GCC segment represented 10%of the total, as the following table shows:
|
Revenue by Segment (%) |
||
|
Segment |
Q3 2023 |
Q3 2024 |
|
Saudi Arabia |
80% |
82% |
|
GCC |
10% |
8% |
|
Exports |
4% |
4% |
|
Protein |
-- |
5% |
|
Agricultural |
6% |
1% |
NADEC 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, according to data available to Argaam.
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