Latest news with #NationalAgriculturalDevelopmentCompany
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
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.
