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Naqed Q3 profits fall to 30.4M Riyals
Nadec's financial results for the first nine months of 2026 revealed a 42.72% decline in profits, with net income reaching 188.66 million riyals compared to 329.35 million riyals in the same period of the previous year. In the third quarter, profits decreased by 72.5% quarter-on-quarter to 30.4 million riyals, primarily due to higher cost of sales, especially feed, food ingredients, and logistics costs, along with increased selling and marketing expenses and a decline in treasury income. Despite these challenges, quarterly revenues rose by 7.84% to 909.72 million riyals, supported by growth in the protein, dairy, and food manufacturing sectors, even though agricultural sector sales decreased by 12.31%. The company expects cost pressures to ease as the regional business environment gradually stabilizes.
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