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 2.09 percent to reach SR26.85, as of 10:08 a.m. Saudi time.
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.