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Full Announcement

National Agriculture Development Co. Announces The Interim Financial Results For The Period Ending On 30-09-2015 (Three Months) - 2015/10/08

National Agriculture Development Co. Announces The Interim Financial Results For The Period Ending On 30-09-2015 (Three Months)

ELEMENT

CURRENT QUARTER

SIMILAR QUARTER FOR PREVIOUS YEAR

% CHANGE CURRENT

PREVIOUS QUARTER

% CHANGE PREVIOUS

NET PROFIT (LOSS)

45.69

34.41

32.78

35.1

30.17

GROSS PROFIT (LOSS)

239

202.12

18.25

252.59

-5.38

OPERATIONAL PROFIT (LOSS)

61.24

48.7

25.75

49.92

22.68



ELEMENT

CURRENT PERIOD

SIMILAR PERIOD FOR PREVIOUS YEAR

% CHANGE

NET PROFIT (LOSS)

106.95

87.17

22.69

GROSS PROFIT (LOSS)

693.51

593.29

16.89

OPERATIONAL PROFIT (LOSS)

147.98

117.72

25.71

EARNING OR LOSS PER SHARE, RIYALS

0.39

1.13

-

All figures are in (Millions) Saudi Arabia, Riyals


ELEMENT

EXPLANATION

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

Increase in the company sales revenue by 15.06%, as the dairy & foods manufacturing sector grew by of 10.95% while the Agri. sector grew by 86.21% associated with an improvement in the gross profit due to the lower cost of sales ratio compared to the similar quarter of last year, more over the sales & distribution expenses increased by 14 % while the general & administrative expenses increased by 29.52 % , that resulted in an increase of the company's operating profit by 25.75%. .On the other hand , the interest and banking facilities cost increased as a result of the company's expansion , additionally the Zakat provision has negative impact on the net income while other revenues have positively affected the net Profit of the current quarter compared to the similar quarter last year.

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

Increase in Sales revenue by 15.12% , the dairy and foods manufacturing sector grew by 9.73% while the Agri sector grew by 68.28% associated with improvement of the gross profit due to the lower cost of sales ratio compared to the similar period of last year, more over sales and distribution expenses increased by13.17% as well as the general and administrative expenses increased by 21.51% that resulted in an increase of the company's operating profit by 25.70%. On the other hand , the interest and banking facilities cost increased as a result of the company's expansion , additionally the Zakat provision and other revenues have negatively affected the net profit of the current period compared to the similar period last year.

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

Increase in company's operating profit due to the decrease in cost of sales percenatge compared to the previous quarter in the same year while companys sales decreased by 15.33% due to the decline in Dairy & Foods manufacturing sector by 4.58% and decline in Agri sales by 59.7% it is worth noted that the companys performance gets affected by the seasonality due to the differences in Agri. crops plantation and harvesting as well as the consumption of the dairy and foods products that affects the companys results throughout the year

RECLASSIFICATIONS IN QUARTERLY FINANCIAL RESULTS

Certain prior period figures have been re-classified to conform with the presentation in the current period

OTHER NOTES

The reported earnings per share has been recalculated for the similar quarter of last year on the basis of 77 million shares reflecting the bonus shares that has been approved by Extra ordinary general assembly on 26th Jumada AlAwal 1436 corresponding to 17th March 2015