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Full Announcement

NADEC announces its interim consolidated financial results for the period ended 30-09-2012 (Nine months) - 2012/10/16

The net income for the third quarter amounted to SR 32.7 million compared to the net income of SR 30.1 million for the same quarter last year , an increase of 8.6 %, and compared to the net income for the previous quarter of SR 27.2 million , an increase of 20.2% 

1. The net income for the third quarter amounted to SR 32.7 million compared to the net income of SR 30.1 million for the same quarter last year , an increase of 8.6 %, and compared to the net income for the previous quarter of SR 27.2 million , an increase of 20.2% 
2. The gross profit for the third quarter amounted to SR 176.1 million compared to the same quarter last year of SR 141.3 million representing an increase of 24.6% 
3. The income from operations for the third quarter amounted to SR 42.3 million compared to SR 37 million for the same quarter last year, a increase of 14.3% 
4. The net income for the nine months amounted to SR 81.4 million compared to SR 70.1 million for the same period last year , an increase of 16.1 % 
5. The earnings per share for nine months amounted to SR1.36 compared to SR1.17 for the same period last year 
6. The gross profit for the nine months period amounted to SR 487.9 million compared to SR 417 million for the same period last year , an increase of 17 % 
7. The income from operations for the nine months amounted to SR 102.1 million compared to SR 87.2 million for the same period last year , an increase of 17.1 % 
8. Sales revenue for the third quarter amounted to SR 452.7 million compared to the same period last year of SR 395.4 million, an increase of 14.5 %, while sales revenue for nine months amounted 1,315.4 million compared to 1,186.9 million for the same period last year an increase of 10.8% 
9. The increase in net income for the third quarter and nine months 2012 is attributable to: 
The increase in sales revenue of the dairy and foods manufacturing division by 17.2% and 15.6% for the third quarter and nine months respectively compared to the same period last year as a result of the successful marketing & sales programs the company adopted recently despite the increase in sales, distribution and administration expenses due to the growth in operations. The reason of the growth in performance of the division in the third quarter compared to the second quarter of this year is attributed mainly to the seasonality of dairy and foods consumption. 
The performance of the Agricultural division was below the same period of last year due to the decrease in yield per hectare of harvested crops.