Al Jouf Agricultural Development Co. reported a net profit after Zakat and tax of SAR 41.9 million in the first nine months of 2022, an over threefold rise from SAR 10.6 million in the year-ago period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 216.87 | 259.79 | 19.8 % |
| Gross Income | 48.16 | 96.02 | 99.4 % |
| Operating Income | 12.60 | 46.88 | 272.0 % |
| Net Income | 10.60 | 41.90 | 295.2 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.35 | 1.40 | 295.2 % |
The nine-month results were lifted by higher sales and profit margins, despite an increase in selling and distribution expenses as well as general and administrative (G&A) expenses, alongside a decrease in other revenues and higher Zakat expenses.
In Q3 2022, the company’s net profit after Zakat and tax skyrocketed to SAR 19.8 million, from SAR 3.32 million in Q3 2021, thanks to better sales and profit margins despite increased G&A and distribution costs.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 99.81 | 135.35 | 35.6 % |
| Gross Income | 18.93 | 44.00 | 132.4 % |
| Operating Income | 5.41 | 21.49 | 297.0 % |
| Net Income | 3.32 | 19.84 | 497.8 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.11 | 0.66 | 497.8 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 64.03 | 135.35 | 111.4 % |
| Gross Income | 20.14 | 44.00 | 118.5 % |
| Operating Income | 7.49 | 21.49 | 187.1 % |
| Net Income | 6.83 | 19.84 | 190.6 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.23 | 0.66 | 190.6 % |
Compared to Q2 2022, net profit soared from SAR 6.83 million.
Total shareholders’ equity, no minority interest, increased to SAR 654.521 million as of Sept. 30, 2022, from SAR 618.736 million a year earlier.
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