Al-Jouf Agricultural Development Co. reported a net profit of SAR 32.9 million for Q1 2024, a 64% increase from SAR 20.1 million in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 104.44 | 160.47 | 53.6 % |
| Gross Income | 37.81 | 60.08 | 58.9 % |
| Operating Income | 21.43 | 37.12 | 73.2 % |
| Net Income | 20.08 | 32.92 | 64.0 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.67 | 1.10 | 64.0 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 114.52 | 160.47 | 40.1 % |
| Gross Income | 26.52 | 60.08 | 126.6 % |
| Operating Income | 8.40 | 37.12 | 341.7 % |
| Net Income | 16.48 | 32.92 | 99.7 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.55 | 1.10 | 99.7 % |
Profit growth was spurred by a SAR 56 million increase in sales, specifically French fries, following the commercial start of the company's new French fries plant in December 2023.
On the other hand, the company reported a rise in selling and distribution costs, an increase in general and administrative costs, and higher Zakat expenses.
Compared to Q4 2023, Al-Jouf Agriculture’s net earnings leapt 99.7% from SAR 16.48 million, due to a SAR 46 million increase in sales.
Total shareholders’ equity, no minority interest, amounted to SAR 744 million at the end of Q1 2024, compared to SAR 672.6 million a year before.
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