National Agricultural Development Company (Nadec) moved to net profits after Zakat and tax of SAR 42.62 million during the first half (H1) of 2022, against net losses of SAR 10.98 million in the year-ago period.

Revenue for the six-month period ended 30 June 2022 climbed by 21.25% yearly to SAR 1.32 billion from SAR 1.08 billion, according to a bourse statement on Sunday.

During the second quarter (Q2) of the year, Nadec turned to net profits of SAR 27.49 million, versus net losses of SAR 17.35 million in the corresponding quarter in 2021.

Revenues for Q2-22 increased by 28.98% on an annual basis to SAR 707.75 million from SAR 548.74 million.

In the January-March period of 2022, Nadec reported a 137.36% annual surge in net profits after Zakat and tax to SAR 15.12 million from SAR 6.37 million.