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Full Announcement

National Agriculture Development Co. announces the intern financial results for the period ending on 30-06-2014 (six months) - 2014/06/30

The increase in Net income in the first Quarter 2014 compared to the same period last year is due to the sales increase by 14% as a result of the successful marketing programs and sales expansion plans. Despite the increases in production cost, the company was able to increase efficiency and control cost resulted in enhancing operating margin, on the other hand there was SR 5.4 million as other income in the first quarter of last year compared to SR 86,000, although the net income increased by 11.2% as a result of cost control and better efficiency

ELEMENT

CURRENT QUARTER

SIMILAR QUARTER FOR PREVIOUS YEAR

% CHANGE CURRENT

PREVIOUS QUARTER

% CHANGE PREVIOUS

NET PROFIT (LOSS)

28

30

-6.67

24.8

12.9

GROSS PROFIT (LOSS)

209.5

185.2

13.12

181.6

15.36

OPERATIONAL PROFIT (LOSS)

34.6

37.7

-8.22

34.4

0.58



ELEMENT

CURRENT PERIOD

SIMILAR PERIOD FOR PREVIOUS YEAR

% CHANGE

NET PROFIT (LOSS)

52.8

52.3

0.96

GROSS PROFIT (LOSS)

391.2

347.1

12.71

OPERATIONAL PROFIT (LOSS)

69

64

7.81

EARNING (LOSS) PER SHARE

0.75

0.75

 



All figures are in (Millions) Saudi Arabia, Riyals


ELEMENT

EXPLAINATION

REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEAR

Decrease in the performance of the agricultural sector compared to the same quarter due to the drop in production of some crops on the other hand the Dairy and foods processing sector continued its strength momentum and grew by 18% compared to the same quarter of last year additionally operating expenses increased mainly the sales and distribution following the company s expansion plans in addition to the decrease in the Zakat provision

REASONS OF INCREASE (DECREASE) FOR PERIOD COMPARED WITH SAME PERIOD LAST YEAR

Increase in sales revenue of the Dairy and Foods processing sector and despite the increase in operating expenses and drop in the Agri sector performance, in addition to the decrease in the Zakat provision and decrease In non operating gains for the same period

REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTER

Increase in sales revenue compared to the previous quarter due to companys products consumption seasonality

RECLASSIFICATIONS IN QUARTERLY FINANCIAL RESULTS

some reclassification have been done in last year balance sheet to be comparable with this year figures.

OTHER NOTES

The reported earning per share has been recalculated for the similar quarter of last year reflecting the bonus shares that has been approved by Extra ordinary general assembly on 19th March 2014.