Al-Jouf Agricultural Development Co. reported a 12% rise in net profit to SAR 24.8 million in the first half of 2023, compared to SAR 22.1 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 124.43 | 162.34 | 30.5 % |
| Gross Income | 52.02 | 56.79 | 9.2 % |
| Operating Income | 25.39 | 26.33 | 3.7 % |
| Net Income | 22.06 | 24.77 | 12.3 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.74 | 0.83 | 12.3 % |
The company attributed the profit increase in H1 2023 to higher sales and other revenues, as well as lower Zakat expenses. However, selling, distribution, general, and administrative expenses increased.
In the second quarter of 2023, net profit fell 31.2% to SAR 4.7 million from SAR 6.8 million a year earlier on lower sales and higher selling, distribution, general and administrative expenses. This was despite a decline in Zakat expenses.
Compared to Q1 2023, net profit dropped 76.6% from SAR 20.08 million on lower sales.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 64.03 | 57.90 | (9.6 %) |
| Gross Income | 20.14 | 18.98 | (5.8 %) |
| Operating Income | 7.49 | 4.90 | (34.6 %) |
| Net Income | 6.83 | 4.70 | (31.2 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.23 | 0.16 | (31.2 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 104.44 | 57.90 | (44.6 %) |
| Gross Income | 37.81 | 18.98 | (49.8 %) |
| Operating Income | 21.43 | 4.90 | (77.1 %) |
| Net Income | 20.08 | 4.70 | (76.6 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.67 | 0.16 | (76.6 %) |
Shareholders’ equity, with no minority interest, rose to SAR 677.3 million by the end of the six-month period from SAR 649.7 million a year earlier.
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