NADEC reported a 72.5% year-on-year decline in third-quarter 2026 net profit to SAR 30.4 million, despite revenue rising 7.8% to SAR 909.7 million, according to results published on October 18.
Feed and shipping costs squeeze margins
The company put the quarterly impact of exceptional feed, nutrition-material, shipping and related maritime-disruption costs at SAR 56 million. Selling and marketing expenses also increased, while treasury income declined.
Protein expansion adds context
Protein sales rose 100.2%, alongside completion of procedures to acquire the partner’s stake in Al-Ra’i National Livestock Company. Expansion and cost pressure are therefore developing together.
What investors should watch
Profit also fell from SAR 64.6 million in Q2. That comparison is affected by the non-recurrence of gains from collecting older receivables. Our reading is that operating margins and non-recurring items should be assessed separately. Management expects exceptional cost pressures to ease gradually as regional operating conditions normalize.
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