Search
Search

Full Announcement

THE AGRICULTURAL DEVELOPMENT COMPANY (NADEC) ANNOUNCES ITS ANNUAL FINANCIAL RESULTS FOR THE PERIOD ENDED ON 31 DECEMBER 2015 (TWELVE MONTHS) - 2016/01/17

ELEMENT

CURRENT QUARTER

SIMILAR QUARTER FOR PREVIOUS YEAR

% CHANGE CURRENT

PREVIOUS QUARTER

% CHANGE PREVIOUS

NET PROFIT (LOSS)

34.37

20.02

71.68

45.69

-24.78

GROSS PROFIT (LOSS)

244.78

181.69

34.72

239.27

2.3

OPERATIONAL PROFIT (LOSS)

47.09

30.03

56.81

61.24

-23.11



ELEMENT

CURRENT PERIOD

SIMILAR PERIOD FOR PREVIOUS YEAR

% CHANGE

NET PROFIT (LOSS)

141.32

107.19

31.84

GROSS PROFIT (LOSS)

936.66

774.97

20.86

OPERATIONAL PROFIT (LOSS)

195.07

147.76

32.02

EARNING OR LOSS PER SHARE, RIYALS

1.84

1.39

-



All figures are in (Millions) Saudi Arabia, Riyals


ELEMENT

EXPLAINATION

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

Increase in sales revenue of the total company by 8.9% driven by the growth in sales of the dairy and foods processing sector that grew by 7.44% while the agricultural sector grew by 21.57% as well as the improvement in gross margin due to the decrease in the cost of sales compared to the same period of last year, the sales growth was associated with increase in both selling & distribution and general & adminstration cost due to the company 's expansion ,additionally the financing cost increased due to the company 's expansion , moreover the zakat provision affected negatively the net income while other income and expenses has a positive effect on net income compared to the similar period of last year

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

Increase in sales revenue by 13.59% driven by the growth in sales of the dairy and foods processing sector that grew by 9.17% while the agricultural sector grew by 56.12% due to the increase in harvested qunantitiees compared to last year , the growth resulted in increase in cost of goods sold and increase in gross margin. the growth was associated with increase in Sales & distribution and general & adminstration cost due to teh company 's expansion .Additionally , the financing cost increased due to the company 's expansion , moreover the zakat provision affected negatively the net income while other income and expenses has a positive effect on net income compared to the similar period of last year

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

Decrease in net income this quarter compared to the previous quarte in the same year is due to lower sales in the current quarter by 4.71% in which dairy and foods processing sector declined in sales by 6.83% while Agricultural sales grew by 14.81% and this is mainly due to seasonality effect of the plantation and harvestingof Agri. crops as well as the seasonality of consumption of the dairy & foods processing products which reflects in the financial perfrommance of the company thoughout the year. the gross income increased due to lower cost of sales compared to the previous quarter, also the increase in sales and distribution cost and general & adminstration cost compared to the previous quarter, additionally financing cost increased in the quarter due to the company 's expansion , moreover the zakat provision affected negatively the net income while other income and expenses has a positive effect on net income compared to the previous quarter of the same 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 period of last year on the basis of 77 million shares reflecting the bonus shares approved by extra ordinary general assembly held on 26th Jamada AlAwal 1436 corresponding to 17th March 2015