45 Million Riyals, Saudi “Nadec” Losses in the Third Quarter

The National Agricultural Development Company (Nadec) lost, in 2020 third quarter, 44.89 million riyals, compared to a profit of 49.32 million SAR in the same quarter of 2019.

During the current quarter, the Company assesses the Value in Use (VIU) of the assets related to Sudan project, which showed a decline in the value of the assets amounting to 44 million rials. The losses are due to the increase in the cost of materials due to the elimination of government subsidies on animal feed, the increase in selling and marketing expenses, and administrative and general expenses.

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