Latest news with #Nadec
Zawya
24-03-2025
- Business
- Zawya
Nadec unit secures $293mln funding for new livestock farming project
National Agricultural Development Company (Nadec) said its subsidiary has secured 1.1 billion Saudi riyals ($293.2 million) in funding from the state-owned Agricultural Development Fund (ADF) for establishing an intensive livestock farming project (sheep and goats) for breeding and meat production. The funding, secured by Al-Ra'i National Livestock Company, has a 15-year duration, including a three-year grace period, the company said in a statement to the Saudi Stock Exchange on Monday. The funds will be released subject to project execution milestones. However, the terms of lending were not revealed. Nadec has mortgaged one of its lands in the Wadi Al-Dawasir region and issued corporate guarantees to ADF. The project aims to enhance local red meat production by developing integrated sheep and goat farming facilities, thereby boosting domestic production. The new project aligns with Nadec's strategy to strengthen food security under Vision 2030, the statement added. (Editing by Seban Scaria
Argaam
24-03-2025
- Business
- Argaam
NADEC's subsidiary signs financing agreement with ADF for up to SAR 1.1B
National Agricultural Development Co. (NADEC) said that its subsidiary, AlRai National for Livestock (a limited liability company, 51% owned by Nadec), signed a financing agreement with the Agricultural Development Fund (ADF) to fund the establishment of a project focused on intensive livestock breeding (sheep and goats), reproduction, and meat production, with a ceiling of up to SAR 1.1 billion. The financing amount will be disbursed in stages based on the project's progress and the submission of required documents. According to a statement to Tadawul, the 15-years agreement was signed on March 23, with three years grace period. The company clarified that the partners provided guarantees in proportion to their shares in the company, with Nadec offering one of its lands in Wadi Al-Dawasir as collateral, in addition to providing corporate guarantees from the partners in accordance with the approved format by the Agricultural Development Fund. The agreement was signed under the sponsorship of the Minister of Environment, Water and Agriculture (MEWA) Abdulrahman AlFadley, the statement noted, adding that the project aims to enhance local red meat production by developing integrated facilities for breeding (sheep and goats), contributing to increased domestic production. This project is part of NADEC's strategy to strengthen food security within the framework of Saudi Arabia's Vision 2030.
Zawya
25-02-2025
- Business
- Zawya
Nadec's profits leap 156.5% in 2024 following Arabian Mills' IPO
Riyadh: National Agricultural Development Company (Nadec) logged net profits amounting to SAR 774.63 million in 2024, higher by 156.45% than SAR 302.06 million in 2023. Revenues edged up by 0.73% year-on-year (YoY) to SAR 3.22 billion in 2024 from SAR 3.19 billion, according to the financial results. The earnings per share (EPS) grew to SAR 2.57 last year from SAR 1.77 at the end of December 2023. As part of Arabian Mills' initial public offering (IPO), all the shareholders of Arabian Mills including Nadec offered to sell 30% of their existing shares during the IPO process. Accordingly, Nadec gained SAR 103.19 million on sales of 30% of shares and also recognised a fair value gain of SAR 253.32 million on remaining shares. In the first nine months (9M) of 2024, Nadec's net profits hiked by 83.39% to SAR 326.59 million from SAR 178.08 million in 9M-23.
Arab News
24-02-2025
- Business
- Arab News
Closing Bell: Saudi main index closes in red at 12,319
RIYADH: Saudi Arabia's Tadawul All Share Index dipped on Monday, losing 68.69 points, or 0.55 percent, to close at 12,319.46. The total trading turnover of the benchmark index was SR7.02 billion ($1.87 billion), as 51 of the listed stocks advanced, while 189 retreated. The MSCI Tadawul Index decreased by 6.54 points, or 0.42 percent, to close at 1,544.95. The Kingdom's parallel market Nomu dipped, losing 77.01 points, or 0.24 percent, to close at 31,397.68. This came as 36 of the listed stocks advanced, while 43 retreated. Lumi Rental Co. was the best-performing firm, with its share price surging 4.39 percent to SR76.10. This came as it announced its annual financial results for 2024, with the company's net profit rising to SR180.3 million from SR160.6 million the previous year, driven by elevated interest rates, increased borrowings, and reduced operating expenses. Other top performers included Arab National Bank, which saw its share price rise by 2.95 percent to SR22.36, and Ades Holding Co., which saw a 2.77 percent increase to SR17.80. CHUBB Arabia Cooperative Insurance Co. saw the biggest decline of the day, with its share price slipping 7.60 percent to SR48.05. National Agricultural Development Co. saw a fall of 5.57 percent to SR25.45, while Arabian Pipes Co. dropped 5.39 percent to SR11.58. Nadec announced its consolidated financial results for 2024, reporting a net profit of SR774.6 million, a sharp 156.4 percent increase from the previous year. In a statement on Tadawul, the company attributed the surge to several factors, including gains from the Arabian Mills initial public offering, where Nadec earned SR103.1 million from selling 30 percent of its shares and recognized a fair value gain of SR253.3 million on its remaining holdings. Nadec also credited the rise in net profit to higher treasury income and revenue, along with cost efficiencies achieved through reduced selling and marketing expenses and lower financing costs due to decreased borrowings. However, these gains were partially offset by a 10.18 percent rise in general and administrative expenses, driven by increased employee benefits for new projects. Additionally, the absence of a SR19.46 million one-time grant received in the previous year and a higher Zakat expense of SR52.50 million weighed on profitability. Almasane Alkobra Mining Co. announced its annual financial results for 2024, reporting a net profit of SR177.8 million, up from SR54.5 million the previous year. The surge was driven by a SR165 million increase in gross profit, fueled by a SR293 million rise in revenue. In today's trading session, AMAK's shares gained 2.11 percent on the main market, closing at SR63. Ades Holding Co. reported a net profit of SR816.1 million for 2024, marking an 80.5 percent increase from the previous year. In a statement on Tadawul, Ades attributed the surge to strong revenue growth, robust earnings before interest, taxes, depreciation, and amortization margins, and lower interest expenses as a percentage of revenue. Meanwhile, Lumi Rental Co., the top performer in today's trading session, announced its annual financial results for 2024. The company's net profit rose to SR180.3 million from SR160.6 million the previous year, driven by elevated interest rates, increased borrowings, and reduced operating expenses.
