United Securities Updates Nadec Price Target Post-Q3 Earnings

06:10 AM EST, 11/02/2026 (MT Newswires) -- United Securities LLC amended its price target for National Agricultural Development Co. (SASE:6010), d/b/a Nadec, following the release of the company's third-quarter financial statements. The research firm said Sunday the agricultural company's net profit decreased 72.5% annually to 30 million Saudi riyals and "significantly" missed United Securities' estimate of 79 million riyals. Revenue, on the other hand, rose 7.8% year over year to 910 million riyals, which was "broadly in line" with the forecast of the research firm. "While revenue was broadly in line with our expectations, profitability and overall margins fell short. Based on current results, we retain our 2026e revenue forecast of SAR 3.6bn, while reduce net profit to SAR 235mn. Accordingly, we lower our target price to SAR 12.5/share, implying a 6.7% upside from current levels and retain our HOLD rating," analysts wrote.