Financial Results : SADAFCO profit down 20% to SAR 207.3 mln in FY 2021/22; Q4 rises to SAR 61.4 mln

SADAFCO profit down 20% to SAR 207.3 mln in FY 2021/22; Q4 rises to SAR 61.4 mln

17/05/2022 Argaam Exclusive

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Saudia Dairy and Foodstuff Co. (SADAFCO) reported a net profit after Zakat and tax of SAR 207.3 million for the fiscal year ended on March 31, 2022, a drop of 20% from SAR 260.6 million in the year-earlier period. 



Financials (M)

Item 2020 2021 Change‬
Revenues 2,105.40 2,170.33 3.1 %
Gross Income 693.83 656.63 (5.4 %)
Operating Income 276.53 230.57 (16.6 %)
Net Income 260.55 207.29 (20.4 %)
Average Shares 32.50 32.50 -
EPS (Riyals) 8.02 6.38 (20.4 %)

The profit drop was ascribed to a rise in the costs of key raw materials, increased local and international logistics costs, and reduced purchasing power of consumers due to the full-year impact of a 15% VAT, compared to nine months last year.

 

Moreover, selling and distribution expenses as a percentage of total sales rose to 14%, accounting for SAR 311 million, compared to SAR 307 million in the previous fiscal year.

 

General and administrative expenses increased to 5% of total sales, or SAR 113 million compared to SAR 109 million last year.

 

SADAFCO also cited a decline in other operating income, which represents profit from scrap sales, lower finance income, along with an increase in Zakat and income tax.

 

On the other hand, sales grew by 3% year-on-year (YoY) to SAR 2.170 billion. Impairment losses on financial assets (provision for trade receivables) decreased to SAR 1.2 million from SAR 2.1 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 521.98 627.94 20.3 %
Gross Income 172.81 184.52 6.8 %
Operating Income 64.83 69.85 7.7 %
Net Income 56.08 61.44 9.6 %
Average Shares 32.50 32.50 -
EPS (Riyals) 1.73 1.89 9.6 %

Shareholders’ equity, excluding minority rights, reached SAR 1.540 billion by the end of the fiscal year, compared to SAR 1.533 billion a year earlier.  

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