The National Agricultural Development Company (NADEC) was able to turn to profitability after zakat and tax, with a net amount of 3.21 million riyals in the third quarter of 2021, compared to losses of about 44.89 million riyals in the same quarter. From 2020, and 17.35 million riyals, losses for the second quarter of 2021.
According to Arab Net, the company said in a statement that the shift to profitability in the third quarter of 2021, on an annual basis, is due to the decline in the value of property, plant and equipment in the same quarter of Last year, an amount of 43.89 million riyals.
Revenues increased for the third quarter of this year by 0.72%, due to the increase in sales of the dairy and food processing sector, in addition to several other reasons, including selling and marketing expenses, and lower losses The value of trade accounts receivable is 1.2 million riyals.
Nadec turned to losses of about 7.77 million riyals in the first nine months of 2021, compared to profits of about 104.92 million riyals in the same period of 2020.
