He said that the board of directors had not approved a dividend plan
Dr. Sulaiman bin Abdulaziz Al-Tuwaijri, CEO of the National Agricultural Development Company “NADEC”, said that a week of Ramadan coinciding with the end of the first quarter of this year contributed to the good performance of the company during the quarter and its achievement of a 149% growth in net profit to record 37.69 million riyals.
The company also achieved an increase in sales of the dairy sector and food processing by 26.84%.
Al-Tuwaijri indicated in an interview with Al-Arabiya that improving work efficiency, manufacturing quality, and flexibility in dealing with high inputs also contributed to achieving good performance, at the level of quantities and prices, and he expected work to continue at this pace in the coming period.
Al-Tuwaijri pointed out that the high cost of financing affects all companies, and the company’s loan portfolio is from short to medium-term, and it has a variable interest because fixed interest represents a danger to banks and borrowing companies, according to him.
He stated that the company is looking for solutions to reduce the cost of financing in an appropriate manner, and if it is provided with cash liquidity that it does not urgently need, it will direct it to repay the highest-interest loans.
He ruled out that directing the liquidity – which the company does not need – to pay loans would affect the dividends, and said that the Board of Directors has not yet approved a dividend plan for the current and next years, and said, “If the company reaches a financial position that allows it to distribute dividends, the Board of Directors will discuss that.”
2023-05-03 11:46:19
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