Saudia Dairy and Foodstuff Co. (SADAFCO) reported a 49% leap in net profit to SAR 310.5 million for the fiscal year ended March 31, 2023, compared to SAR 209.1 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 2,170.33 | 2,648.01 | 22.0 % |
| Gross Income | 656.63 | 822.71 | 25.3 % |
| Operating Income | 230.57 | 369.21 | 60.1 % |
| Net Income | 207.29 | 308.77 | 49.0 % |
| Average Shares | 32.50 | 32.50 | - |
| EPS (Riyals) | 6.38 | 9.50 | 49.0 % |
The annual profit growth was driven by a 22% year-on-year (YoY), or SAR 478 million, jump in sales volume and value across the board. The gross profit margin expanded to 31.1% during the 12-month period from 30.3% in the prior-year period despite higher raw material prices and logistics costs.
Selling and distribution expenses as a percentage of sales declined to 13.3% from 14.3% in FY 2022/23. General and administrative expenses as a percentage of sales decreased to 4.3% from 5.2% in FY 2022/23. Finance income significantly increased to SAR 18.5 million. On the other hand, financing costs increased by SAR 43 million YoY.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 627.94 | - | - |
| Gross Income | 184.52 | - | - |
| Operating Income | 69.85 | - | - |
| Net Income | 61.44 | - | - |
| Average Shares | 32.50 | - | - |
| EPS (Riyals) | 1.89 | - | - |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 654.00 | - | - |
| Gross Income | 195.97 | - | - |
| Operating Income | 75.63 | - | - |
| Net Income | 78.45 | - | - |
| Average Shares | 32.50 | - | - |
| EPS (Riyals) | 2.41 | - | - |
The fourth-quarter net profit leapfrogged 46% YoY to SAR 92.1 million.
Total shareholders’ equity, after minority interest, rose to SAR 1.65 billion by the end of the 12-month period, compared to SAR 1.54 billion a year earlier.
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