FADECO’s net profit falls 16% to SAR 6.8 mln in 9M 2021; Q3 at SAR 3.3 mln

Arabian Food & Dairy Factories Co. (FADECO)reported a net profit of SAR 6.8 million for the first nine months of 2021, a decline of 16% from SAR 8 million in the prior-year period.

The drop in earnings was driven by a 2% fall in revenues, a rise of 13% in selling and distribution expenses, which led to a decline in operating income.

However, the company reported lower cost of sales, financing costs, and Zakat provision.

Q3 2021 net profit plunged 23.3% year-on-year (YoY) to SAR 3.28 million, driven by a 6% retreat in revenues.

The company also cited higher selling and distribution expenses of 16%, which led to a decrease in operating income. 

Total shareholders' equity, excluding minority rights, reached SAR 29.81 million by the end of Sept. 30, 2021.

Additional Info.:

FADECO clarified that shareholders' equity (there are no minority rights) by the end of the period amounted to SAR 29.81 million.

Retail sales amounted to SAR 40.72 million, and wholesale sales amounted to SAR 3.05 million for the period ending Sept. 30, 2021.

The sales of the eastern region amounted to SAR 26.30 million, the central region at SAR 10.35 million, the northern region at SAR 2.94 million, and the southern region at SAR 4.18 million.