Saudia Dairy and Foodstuff Co. (SADAFCO) reported a net profit of SAR 223 million in the first half of 2023/24, ended Sept. 30, 2023, up 59% from SAR 139.9 million a year earlier
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 1,325.82 | 1,423.59 | 7.4 % |
| Gross Income | 425.49 | 517.75 | 21.7 % |
| Operating Income | 203.03 | 242.00 | 19.2 % |
| Net Income | 139.88 | 223.01 | 59.4 % |
| Average Shares | 32.50 | 32.50 | - |
| EPS (Riyals) | 4.30 | 6.86 | 59.4 % |
The profit growth was driven by a 14% year-on-year (YoY) increase in sales value driven mainly by volume and market share gains across all categories.
Gross profit margin increased to 39.2% from 34.1% a year earlier due to lower raw material costs, favorable product and channel mix and prudent sourcing of raw materials.
On the other hand, selling and distribution expenses increased to 15.2% of net sales from 13.3% last year. General and administrative expenses remained in line with last year due to overhead control.
Finance income increased by SAR 14 million as a result of higher deposit rates, while finance costs were higher mainly due to final settlement of put option liability.
The sale and profitability of Poland has declined.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 694.49 | 744.36 | 7.2 % |
| Gross Income | 223.29 | 282.33 | 26.4 % |
| Operating Income | 113.66 | 137.81 | 21.2 % |
| Net Income | 85.55 | 114.47 | 33.8 % |
| Average Shares | 32.50 | 32.50 | - |
| EPS (Riyals) | 2.63 | 3.52 | 33.8 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 668.20 | 744.36 | 11.4 % |
| Gross Income | 201.25 | 282.33 | 40.3 % |
| Operating Income | 91.03 | 137.81 | 51.4 % |
| Net Income | 89.73 | 114.47 | 27.6 % |
| Average Shares | 32.50 | 32.50 | - |
| EPS (Riyals) | 2.76 | 3.52 | 27.6 % |
The second-quarter net profit grew 34% YoY to SAR 114.5 million.
The Q2 2023/24 earnings rose 5.5% from SAR 108.54 million in the previous quarter.
Total shareholders’ equity, before excluding minority interest, reached SAR 1.80 billion as of Sept. 30, 2023, compared to SAR 1.58 billion a year earlier.
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