SAR reporting

NADEC · 6010.SR

Wheat / clover / dairy / horticulture · Filing

Acres: 124,000
Book / acre: SAR 18,210
Market cap (USD): $1,304M
EV / acre (USD): $9,425

Sector KPIs

Non-ag revenue: 10%

Tangible Balance-Sheet Assets

Asset-class composition from the latest FY filings, alongside market enterprise value for an asset-coverage view. Land at FMV when a per-property breakdown is available; other classes at filed book value.

Asset class	Book (SAR M)	FMV (SAR M)	Note
Land / property	2,258	818	Per-property breakdown below
PP&E (mills, plants, machinery)	2,432	—	Net of accumulated depreciation
Inventory	790	—
Intangibles + goodwill	180	—	Excluded from tangible total
Tangible total (ex-cash)	5,480	4,040
+ Cash & equivalents	1,080	1,080
Tangible total (incl. cash)	6,560	5,120
Reported total assets (BS)	5,800	—	Latest period 2024-12-31

Tangible book

SAR 6,560M

113% of total assets

Market cap

SAR 4,894M

75% of tangible book

Enterprise value

SAR 4,386M

67% of tangible book

Implied fair market analysis

As of 2025-12-31

Aggregate FMV

SAR 818M

Range SAR 695–941M · 124,000 acres

FMV vs. book

-63.8%

Book SAR 2,258M · FMV SAR 818M

Implied NAV / share

SAR 4.41

Range SAR 4.00–4.82

Live price vs. FMV NAV

+268.9%

Range +237.7% (high) to +306.5% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (4 of 4 properties): typical 7.0–10.0%

Reported NOI

SAR 632M

Cap rate at comp-based FMV

77.26%

Range 67.18–90.90%

Verdict

Above typical — comp-based FMV may be conservative vs yield benchmark

FMV by category

Aggregated from per-property assumptions below

Category	Properties	Acres	Avg book SAR/acre	Avg FMV SAR/acre	Book (SAR M)	FMV (SAR M)	FMV range (SAR M)	FMV vs book
Saudi center-pivot — Wadi al-Dawasir	1	35,000	18,857	6,500	660	228	193–262	-65.5%
Saudi center-pivot — Hail	1	35,000	18,857	6,500	660	228	193–262	-65.5%
Saudi center-pivot — Haradh	1	30,000	18,833	6,500	565	195	166–224	-65.5%
Saudi center-pivot + olive — Al-Jouf	1	24,000	15,542	7,000	373	168	143–193	-55.0%
Total	4	124,000	18,210	6,597	2,258	818	695–941	-63.8%

Properties

4-row breakdown by named project: Wadi al-Dawasir, Hail, Haradh, Al-Jouf. Acres-per-project are estimates; Saudi disclosure less granular than Western comps.

Property	Category / crop	Acres	Acquired	Cost (SAR M)	Book (SAR M)	SAR/acre book	FMV SAR/acre	FMV (SAR M)	vs book	Comps
Wadi al-Dawasir project Wadi al-Dawasir region, Saudi Arabia	Saudi center-pivot — Wadi al-Dawasir Wheat + clover + corn (center-pivot irrigation)	35,000	—	—	660	18,857	6,500 5,525–7,475	227.5	-65.5%	SA-IRRIGATED-2024 Wadi al-Dawasir is NADEC's primary agricultural project — center-pivot irrigated wheat + clover
Hail project Hail Region, Saudi Arabia	Saudi center-pivot — Hail Wheat + clover + Rhodes grass	35,000	—	—	660	18,857	6,500 5,525–7,475	227.5	-65.5%	SA-IRRIGATED-2024 Hail northern region — major wheat/forage producer for Saudi dairy
Haradh project Haradh region, Saudi Arabia	Saudi center-pivot — Haradh Forage crops + dairy support	30,000	—	—	565	18,833	6,500 5,525–7,475	195	-65.5%	SA-IRRIGATED-2024 Haradh forage cluster supporting integrated dairy operations
Al-Jouf project Al-Jouf Region, Saudi Arabia	Saudi center-pivot + olive — Al-Jouf Wheat + olive groves	24,000	—	—	373	15,542	7,000 5,950–8,050	168	-55.0%	SA-IRRIGATED-2024 Al-Jouf includes olive grove premium — Saudi specialty product with quality recognition

Comparable land transactions and surveys

1 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
SA-IRRIGATED-2024	Saudi Arabian irrigated agricultural land — center pivot operations	Saudi Arabia (Hail / Wadi al-Dawasir)	—	$6,500	Nov 2024	Saudi Ministry of Agriculture + IGI broker reports 2024

Methodology

NADEC operates 4 named agricultural projects across Saudi Arabia. Refined from 1-row to 4-row breakdown: - Wadi al-Dawasir: center-pivot wheat + clover + corn - Hail: wheat + clover + Rhodes grass (forage) - Haradh: forage + dairy support - Al-Jouf: wheat + olive groves (with olive specialty premium) Per-acre marks reflect 2024 Saudi center-pivot irrigated transaction comps. Al-Jouf marked slightly higher to reflect olive grove specialty premium. The 124K-acre estimate for total NADEC farmland is approximate — Saudi disclosure is less granular than Western markets and the company doesn't publicly disclose hectares per project. Refining against the Arabic-language annual report would tighten these numbers. NADEC's book value (Net PP&E SAR 2,258M = ~$600M USD) includes dairy + processing infrastructure that isn't farmland-only — a stricter analysis would carve out dairy from the per-acre book.