Financial Results : SADAFCO net profit falls 35% to SAR 92.2 mln in H1 2021/22

SADAFCO net profit falls 35% to SAR 92.2 mln in H1 2021/22

21/10/2021 Argaam Exclusive

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Saudia Dairy & Foodstuff Co. (SADAFCO) reported a net profit attributable to shareholders of SAR 92.2 million for the six-month period ended Sept. 30, 2021, a decline of 35% from a net profit of SAR 140.7 million in the year-earlier period.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 1,101.39 1,022.48 (7.2 %)
Gross Income 360.22 312.02 (13.4 %)
Operating Income 148.28 101.47 (31.6 %)
Net Income 140.71 92.21 (34.5 %)
Average Shares 32.50 32.50 -
Earnings Per Share before unusual items (Riyals) 4.33 2.84 (34.5 %)
EPS (Riyal) 4.33 2.84 (34.5 %)

The profit decline was attributed to lower sales value driven by COVID-related tailwind last year (especially in Q1), higher raw materials prices and revised value-added tax (VAT) since Q2 last year.

 

In addition, sales and distribution expenses increased to 15%, from 14% last year, due a rise in routes and distribution focus.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 535.40 530.08 (1.0 %)
Gross Income 176.92 161.54 (8.7 %)
Operating Income 72.52 57.69 (20.5 %)
Net Income 70.31 54.06 (23.1 %)
Average Shares 32.50 32.50 -
Earnings Per Share before unusual items (Riyal) 2.16 1.66 (23.1 %)
EPS (Riyal) 2.16 1.66 (23.1 %)

In Q2 2021/22, the net profit fell 23% to SAR 54.1 million.

 

On a sequential basis, Q2 net profit rose 41.7% from SAR 38.15 million.

 

Shareholders’ equity, after minority interest, increased to SAR 1.532 billion from SAR 1.517 billion a year earlier.

 

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