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National Agricultural Development Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months) - 11/05/2017

Net profit (loss)4.3325.6-83.090.71509.86
Gross profit (loss)183.29202.88-9.66182.470.45
Operational profit (loss)24.4640.31-39.3221.1115.87
Earning or loss per share, Riyals0.050.3
All figures are in (Millions) Saudi Arabia, Riyals
Reasons of increase (decrease) for quarter compared with same quarter last yearDue to the decline in total compamy sales by 5.38% in which reflected the market performance in totality where dairy and food processing sector’s sales declined by 4.68% and agricultural sector’s sales by 14.45% while the cost of production reduced due to the decline in salesthis decline in sales negatively affect the gross margin in this quarter compared to the similar quarter last year, on the other hand selling and marketing cost increased by 1.53% while the administration cost decreased by 15.87% the other operating income increased. all the previous performance affect negatively the operating income compared to the similar quarter last yearby 39.32% on the other hand the financing charges and banks facilities increased due to the increase in investments adding to that zakat provision negatively affected the net income .
Reasons of increase (decrease) for quarter compared with previous quarterDue to total company growth by 0.76% supported by the dairy and food processing sales growth by 5.15% while agricultural sector declined by 37.07% agri sales performance usually affected by the seasonality and crops seasonality harvesting the gross margin increase which positively affected the net income of the quarter compared to the previous quarter Sales and marketing cost, administration cost and financing cost and banks facilities increased which negatively affected the net income while Zakat provision affected net income positively.
Reclassifications in quarterly financial resultsThe company applied the international financial reporting standards starting the first of January 2017, therefore the company restated the comapartive financial statements to reflect the changes in measurements, disclosure and accounting policy to be complied with IFRS requirements and the other standards and requirements issued by SOCPA. for more details refere to note No. 6 in the company’s financials (application of IFRS for the first time adopters) attached to the financails for the period end on 31st March 2017.
Other notes1.The comprehensive income for the current period is 4.33 compared to 25.5 in the same querter last year with a decline of 83.07%.

2.The comprehensive income for the current period is 4.33 compared to 10.5 in the previous quarter with a decline of 58.76%

3. SalesRevenue of the period is SR. 481.94 million compared to SR. 509.36 million for the similar period last year with a decrease of 5.38%

4. The share holders equity till the end of the period (no minority equity) is SR. 1,422.53 million compared to SR. 1,379.31 million for the similar period last year with an increase of 3.13%

5.The reported earnings per share has been recalculated for the similar period of last year on the basis of 84.7 million as number of shares was 77 million shares reflecting the bonus shares that has been approved by Extra ordinary general assembly on 29th Jumada Al-Thani 1437 corresponding to 7th April 2016