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NADEC announces its interim consolidated financial results for the period ended June 30, 2011 (six months) Continue - 13/07/2011

6. The gross profit for the six months period amounted to SR 275.8 million compared to SR 252.8 million for the same period last year (note # 9) , an increase of 9%

7. The income from operations for the six months amounted to SR 50.3 million compared to SR 34.6 million for the same period last year (note # 9) , an increase of 45%

8. Sales revenue for the six months ended June 30, 2011 amounted to SR 791.5 million compared to the same period last year of SR 730 million representing an increase of 8%, while sales revenue for the second quarter amounted to SR 444.6 million compared to SR 410.3 for the same period last year, an increase of 8%

9. The increase in net income for the six months ended June 30, 2011 compared to the same period last year is attributable to:

-The increase in sales revenue and the improvement in business performance of the agricultural sector due to better selling prices and better cost efficiency compared to the same period last year. On the other hand, despite the continued commodity prices inflation (mainly feeding materials and packaging materials), the company was able to reduce its effect by cost control programs, improving efficiency and assets utilization.

– (note # 9) Net income of the second quarter last year was restated from SR 4,656,059 to SR 12,164,314 and net income for the six months period last year restated from SR 8,479,597 to SR 23,673,897 resulting from the change of the estimated useful life of some of the fixed assets and the estimated salvage value of milking cows