Riyadh – Mubasher: The National Agricultural Development Company (NADEC) reported its interim financial results for the third quarter of 2019.
Net profits after zakat and tax jumped by 40.39% to SAR 49.32 million in Q3-19, compared to SAR 35.13 million in Q3-18, according to a bourse filing on Sunday.
Revenues of the Saudi-firm inched up by 0.65% year-on-year to SAR 578.45 million during the three-month period between July and September.
The company attributed the rise in profits to the increase in revenues due to the increase in demand for the company's products, which had a positive effect on the increase in sales volume of the firm.
For the first nine months of 2019, net profits of NADEC levelled up by 6.22% to SAR 52.71 million, from SAR 49.62 million in the same period a year ago.
The company generated SAR 1.71 billion in profits by the end of September, up 6.5% from SAR 1.6 billion in September 2018.
