Al-Jouf Agricultural Development Co. reported a net profit after Zakat and tax of SAR 17.4 million in 2021, down 19% from SAR 21.4 million in the previous year.
The company attributed the profit drop to the net gain recognized at SAR 25.46 million in 2020, on the treatment of revived land ownership impact, despite an increase in sales, and lower general and administrative expenses, and selling and distribution costs.
This had a positive impact on the improvement of profit margins and operating profits, despite the decrease in PP&E impairment for last year, increased other revenues and lower Zakat expenses.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 223.21 | 312.66 | 40.1 % |
| Gross Income | 64.29 | 68.50 | 6.6 % |
| Operating Income | 14.58 | 19.84 | 36.1 % |
| Net Income | 27.83 | 17.37 | (37.6 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.93 | 0.58 | (37.6 %) |
The company swung to a net profit after Zakat and tax of SAR 6.8 million in Q4 2021, compared to a loss of SAR 4.7 million in Q4 2020.
On a sequential basis, Q4 2021 net profit rose more than two-fold.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 56.06 | 95.79 | 70.9 % |
| Gross Income | 11.38 | 20.34 | 78.8 % |
| Operating Income | (9.22) | 7.23 | 178.5 % |
| Net Income | 1.76 | 6.77 | 284.4 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.06 | 0.23 | 284.4 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 99.81 | 95.79 | (4.0 %) |
| Gross Income | 18.93 | 20.34 | 7.4 % |
| Operating Income | 5.41 | 7.23 | 33.6 % |
| Net Income | 3.32 | 6.77 | 104.1 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.11 | 0.23 | 104.1 % |
Shareholders' equity, excluding minority rights, at the end of the period amounted to SAR 627.6 million, compared to SAR 608.1 million in 2020.
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