Short Url
https://arab.news/mwucx
- First quarter net profit fell by almost two-thirds to SR6.4 million ($1.7 million)
DUBAI: A slowdown in the sales of agriculture, dairy, and processed food products dragged earnings lower at Saudi Arabia’s National Agricultural Development Company (NADEC).
First quarter net profit fell by almost two-thirds to SR6.4 million ($1.7 million), it said in a stock exchange filing on Wednesday.
Cost of sales also rose mainly because of the removal of the government subsidy on animal feed, it said.
NADEC reduced its marketing spend and other financial costs to offset the impact.
The company said in January that it had launched a restructuring program to save SR120 million.
NADEC said it would work with Bain & Company consultants throughout the program, which is expected to last two years