The National Agricultural Development Company (Nadec) achieved 35.65 million riyals in 2020, compared to 7.3 million riyals losses in 2019.
According to Arabiya Net, the company's revenues last year increased by 3.5% to 2.3 billion riyals, compared to 2.225 billion riyals in 2019. This is mainly due to the increase in sales of the dairy sector And food processing by 2.84%, and agricultural sector sales by 12.97%.
and the company attributed making profits to the fact that the company received a letter from the Ministry of Environment, Water and Agriculture granting ownership of the area of land that was revived in Hail, Wadi Al-Dawasir and Al-Jawf. A net profit of 111.81 million Saudi riyals was recognized in the profit and loss statement in other income (net) when calculating the land received compared to the land already registered in the books.
During the year 2019, the company recorded a loss of 42.94 million riyals in the CFD and USD / SAR currency exchange contracts. There is no such item during the current period.
the general and administrative expenses for the current year decreased by 2.45% compared to the previous year due to a decrease in employee benefit expenses. This decrease was partly offset by an increase in the fees for professions, consulting and information technology during the current year. According to the company.
In the fourth quarter, the company achieved losses of 69 million riyals during the fourth quarter of last year, compared with losses of 60 million riyals in the fourth quarter of 2019.
