Saudia Dairy & Foodstuff Company (SADAFCO) reported a net profit after Zakat and tax of SAR 70.4 million for the first quarter ended June 2020, a rise of 21% year-on-year (YoY), compared to SAR 58.2 million in the year earlier period.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 485.23 | 565.99 | 16.6 % |
| Gross Income | 156.47 | 183.30 | 17.1 % |
| Operating Income | 61.13 | 75.76 | 23.9 % |
| Net Income | 58.28 | 70.40 | 20.8 % |
| Average Shares | 32.50 | 32.50 | - |
| EPS (Riyals) | 1.79 | 2.17 | 20.8 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 561.31 | 565.99 | 0.8 % |
| Gross Income | 179.81 | 183.30 | 1.9 % |
| Operating Income | 86.83 | 75.76 | (12.7 %) |
| Net Income | 74.50 | 70.40 | (5.5 %) |
| Average Shares | 32.50 | 32.50 | - |
| EPS (Riyals) | 2.29 | 2.17 | (5.5 %) |
The increase in net profit is driven by higher sales and favorable expense to sales ratio.
The company’s net sales in the quarter stood at SAR 566 million, up 16.6% from the same quarter last year. Milk sale (excluding Mlekoma) was up 27% and tomato paste sale was up 25% due to higher consumer base and longer at-home time spent. Ice cream sales were up 2%.
The company maintained healthy gross margin for the quarter at 32.4% versus 32.2% last year.
This was despite a higher sales and distribution costs of SAR 3 million, and higher general and administrative (G&A) expenses of SAR 8.7 million mainly as a result of Covid-19-related donations in Saudi Arabia, Kuwait, Jordan and Bahrain.
On a sequential basis, the company’s net profit declined by 4.7% due to donation contribution.
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