RIYADH: Saudi Arabia’s National Agricultural Development Co. turned to profits during the first nine months of 2022, thanks to a surge in dairy and food processing sales.
The company recorded a profit of SR70 million ($19 million) in the first nine months of the year from losses of SR8 million in the same period last year, according to a bourse filing.
Following the announcement, shares of NADEC climbed 0.57 percent to reach SR26.45 at the end of Sunday's closing.
NADEC attributed the result to an 18 percent growth in sales of dairy and food processing, which resulted in a 19 percent increase in revenue.
