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Full Announcement

Announces The Correction In The Previous Announcement Relating To The Company Announces Its Interim Consolidated Finanacial Results For The Period Ended On 30 Sep 2015 (Nine Months) - 2015/10/11

Further to the announcement published on Tadawuls website on 08-10-2015 related to National agricultural development company (Nadec) announcing its interim financial results for the period ended on 30 Sep. 2015 (Nine Months).

Firstly : It has been announced that the increase in the net income in the current quarter compared to the similar quarter last year have been negatively affected by other operating income and expenses. And the correction is that net income has been positively affected by the other operating income and expenses

Secondly: It has been announced that the increase in the net income compared to the previous quarter was due to (Increase in companys operating profit due to the decrease in cost of sales percentage 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)

While the correction is (decrease in gross profit for the quarter compared to previous quarter due to the decline in companys sales by 15.33% as a result of decrease in the sales of fairy and food manufacturing sector by 4.58% and decrease in the sales of Agri. Sector by 59.70% 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. On the other hand there were a decrease in selling and distribution expenses, general and administrative expenses as well as financing cost, that resulted in a positive impact to the net profit, however other (expense) and income and Zakat provision affected the net profit negatively