Saudi Arabia’s National Development Company (Nadec) posted a 76.5 percent drop in net profits in the first half of 2002 and a 9.5 percent increase in operating expenses. Operating profits also dropped by 96 percent during the same period.
Nadec was established in 1981 as a joint stock public company with an equity capital of 400 million Saudi riyals ($106.6 million). The Saudi government holds a 20 percent equity in the company while the 40,000 shareholders hold the balance equity.
Nadec produces fresh dairy products such as milk, laban, cheese and cream. The company also produces potatoes, onions, tomatoes, sweet melon, cucumber, eggplant and sweet pepper. It fruit range includes peaches, apricots, plums, figs, grapes, olives and dates. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
