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National Agricultural Development Co. — Capital/Financing Update 2021
Jan 10, 2021
53465_rns_2021-01-10_7e9c83fb-227a-46e6-8cfd-54c59e0e593b.html
Capital/Financing Update
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The National Agricultural Development Company (NADEC) Announces Its Initiative of a comprehensive Cost Transformation Program
6010 · 10/01/2021 08:44:20 · Announcement #61614 · View on Saudi Exchange
The National Agricultural Development Company (NADEC) Announces Its Initiative of a comprehensive Cost Transformation Program
| Element List | Explanation |
|---|---|
| Announcement Detail | The National Agricultural Development Company (NADEC) ("The Company") is pleased to announce its intention to embark a Program on a comprehensive Business Process Improvement and Cost Transformation ("the Program") with Bain &Co. Consulting ("Program Advisor") to bring a structural improvement to the company’s business processes and profitability. |
The Program is the second of four strategic projects that are aiming at fundamentally transforming The Company, by developing its organization, business processes, ERP infrastructure, and financial performance and profitability.
The Program will enable the company to meet the challenges and changes in the market and to prepare the Company for growth.
The Program is based on a Partnering Model with the Program Advisor and anticipated that the impact to run for a period of two years.
The Program is expected to improve the Company’s Net Profit in the range of 40 Million SAR starting in the 2nd Quarter of 2021 and have a run-rate impact - when fully implemented in 2022 - in the range of 120 Million SAR.
Any material developments in this regard will be announced in the future.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.