Financial Results : Nofoth Food’s profit rises 21% to SAR 51.6M in 2024; H2 at SAR 24.5M

Nofoth Food’s profit rises 21% to SAR 51.6M in 2024; H2 at SAR 24.5M

05/03/2025 Argaam Exclusive

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Nofoth Food Products Co. posted a 21% rise in 2024 net profit to SAR 51.6 million, compared to SAR 42.7 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 308.19 365.06 18.5 %
Gross Income 182.97 226.31 23.7 %
Operating Income 42.69 50.01 17.2 %
Net Income 42.67 51.64 21.0 %
Average Shares 96.00 96.00 -
Earnings Per Share before unusual items (Riyals) 0.44 0.54 21.0 %
EPS (Riyal) 0.44 0.54 21.0 %

Revenues grew 18.45% year-on-year (YoY) to SAR 365.05 million, due to the expansion of sales channels, launch of new brands, and product innovation.

 

In addition, operational efficiency improved in production facilities along with cost savings measures in raw materials.

 

The company also noted that improved resource utilization and benefits from lower raw material costs contributed to improved profit margins.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 152.57 185.74 21.7 %
Gross Income 91.50 115.77 26.5 %
Operating Income 19.68 23.69 20.4 %
Net Income 20.62 24.50 18.8 %
Average Shares 96.00 96.00 -
Earnings Per Share before unusual items (Riyal) 0.21 0.26 18.8 %
EPS (Riyal) 0.21 0.26 18.8 %

In H2 2024, net profit grew 19% to SAR 24.5 million from SAR 20.62 million in H2 2023.

 

Sequentially, the bottom-line fell 9.7% from SAR 27.14 million.

 

Total shareholders’ equity, no minority interest, reached SAR 141.31 million as of Dec. 31, 2024, compared to SAR 106.38 million a year earlier.

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