Al-Jouf Agricultural Development Co. reported a rise in net profit after Zakat and tax to SAR 22.1 million in H1 2022, compared to SAR 7.3 million a year earlier, thanks to higher sales and profit margins.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 117.06 | 124.43 | 6.3 % |
| Gross Income | 29.23 | 52.02 | 78.0 % |
| Operating Income | 7.19 | 25.39 | 253.1 % |
| Net Income | 7.28 | 22.06 | 202.9 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.24 | 0.74 | 202.9 % |
In Q2 2022, net profit after Zakat and tax soared 98% to SAR 6.8 million, from SAR 3.45 million on better sales and profit margins, along with a decline in selling and distribution expenses. The company also cited higher other income.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 55.70 | 64.03 | 14.9 % |
| Gross Income | 16.75 | 20.14 | 20.2 % |
| Operating Income | 3.40 | 7.49 | 120.0 % |
| Net Income | 3.45 | 6.83 | 98.2 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.11 | 0.23 | 98.2 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 60.41 | 64.03 | 6.0 % |
| Gross Income | 31.88 | 20.14 | (36.8 %) |
| Operating Income | 17.90 | 7.49 | (58.2 %) |
| Net Income | 15.23 | 6.83 | (55.2 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.51 | 0.23 | (55.2 %) |
Compared to Q1 2022, net profit dropped 55.2% from SAR 15.23 million due to lower profit margins and increased Zakat expenses.
Shareholders’ equity, after minority interest, rose to SAR 649.681 million by the end of the six-month period, from SAR 615.416 million a year earlier.
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