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National Agriculture Development Co. announces the interim financial results for the period ending on 31-03-2014 (Three Months) - 16/04/2014

ELEMENTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CHANGE CURRENTPREVIOUS QUARTER% CHANGE PREVIOUS
Net profit (loss)24.822.311.2114.867.57
Gross profit (loss)181.7161.912.23168.47.9
Operational profit (loss)34.426.330.824.739.27
Earning or loss per share, Riyals0.350.32
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENTEXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last yearThe increase in Net income in the first Quarter 2014 compared to the same period last year is due to the sales increase by 14% as a result of the successful marketing programs and sales expansion plans. Despite the increases in production cost, the company was able to increase efficiency and control cost resulted in enhancing operating margin, on the other hand there was SR 5.4 million as other income in the first quarter of last year compared to SR 86,000, although the net income increased by 11.2% as a result of cost control and better efficiency
Reasons of increase (decrease) for quarter compared with previous quarterThe increase in Net income in the first quarter of 2014 compared to previous quarter last year is due to sales increase and reduction in the operating cost as a percentage of net sales by 2%. The net income in the first quarter of 2014 does not contain other losses similar to the previous quarter
Other notesThe reported earning per share has been recalculated for the similar quarter of last year reflecting the bonus shares that has been approved by Extra ordinary general assembly on 19th March 2014.