National Agricultural Development Co. (NADEC), the Saudi dairy and food producer, said net profit fell 73% to SAR30.4 million in the third quarter of 2026 from SAR110.67 million a year earlier.
The Riyadh-listed company blamed higher feed and nutritional input costs, freight charges, surcharges and risk premiums linked to regional maritime disruptions, according to its results filing reported by Argaam on October 18.
Those costs had a financial impact of SAR56 million in the quarter. The company’s cost of sales rose by 7.90 percentage points as a share of revenue.
Third-quarter revenue rose 7.8% to SAR909.72 million from SAR843.61 million. Operating profit fell 77.5% to SAR23.82 million from SAR105.91 million.
Selling and marketing expenses rose 12.9% from a year earlier on higher distribution costs. Net profit fell 53% from SAR64.56 million in the second quarter.
For the nine months to September 30, net profit fell 43% to SAR188.66 million from SAR329.35 million. Revenue rose 0.7% to SAR2.70 billion.
NADEC said the exceptional cost pressures had a total financial impact of SAR107.10 million over the nine months. Management expects them to ease as the regional operating environment gradually normalizes.
The nine-month result included a one-time gain of SAR73 million from reversing impairments on long-outstanding receivables that were collected during the period.
Protein segment sales rose 69.1% over the nine months. Revenue from dairy and food processing fell 1.7%, and agricultural segment revenue fell 49.8%.
NADEC’s share of losses from its joint venture, Al Raie National Livestock Co., rose to SAR15 million from SAR0.76 million. Treasury income fell by SAR24.06 million on lower murabaha income.
Nine-month earnings per share fell to SAR0.63 from SAR1.09 a year earlier.
