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National Agricultural Development Co. NADEC announces the annual financial results for the period ending on 31-12-2016 - 16/02/2017

ELEMENTCURRENT YEARPREVIOUS YEAR% CHANGE
Net profit (loss)100.19141.32-29.1
Earning or loss per share, Riyals1.181.67
Gross profit (loss)958.97942.561.74
Operational profit (loss)179171.384.45
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENTEXPLAINATION
Reasons of annual financial resultsDecrease in sales compared to last year by 1.38% while the gross income increased by 1.74% due to lower raw materials cost and increase in operational effeciency despite the increase in fuel cost and energy cost. On the other hand the selling and distribution cost increased due to increase in sales and marketing activities as well as the increase in general and administrative cost compared to last year. on the other hand financing cost increased due the increase in cost of money compared to last year. The other income and expenses negatively affect the net income of the current year due to lower sales of ancilary products and higher capital loses resulting from assets and cows sales while Zakat provision affected the net income of the year positively. it is worth noting that the total sales of the company decreased by 1.38% while dairy and boverage sector sales increased by 2.32 % compared to last year , the Agricultural sector sales decreased by 25.82%
Reclassifications in annual financial resultsCertain prior period figures have been re-classified to conform with the presentation in the current period
Other notes1. SalesRevenue of the period is SR. 2,296.49 million compared to SR. 2,328.59 million for the similar period last year with a decrease of 1.38% 2. The share holders equity till the end of the period is SR. 1,425 million compared to SR. 1,365 million for the similar period last year with an increase of 4.4% 3. The effect of energy cost increase on the company net income till the end of Dec 2016 is SR. 63.3 million. 4. The reported current ratio as of the year end equates to 0.75: 1 with a plan to improve it during 2017 by resttructuring part of the short tem loans to Med term loan 5.The reported earnings per share has been recalculated for the similar period of last year on the basis of 84.7 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