Nofoth Food’s profit rises 17% to SAR 31.5 mln in 2022

22/03/2023 Argaam Exclusive

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Nofoth Food Products Co.
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Nofoth Food Products Co. (NOFOTH)

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Nofoth Food Products Co. posted a 17% rise in 2022 net profit to SAR 31.5 million, compared to SAR 26.9 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 196.62 270.20 37.4 %
Gross Income 99.45 147.76 48.6 %
Operating Income 24.92 32.77 31.5 %
Net Income 26.85 31.49 17.3 %
Average Shares 48.00 48.00 -
EPS (Riyals) 0.56 0.66 17.3 %

The growth was spurred by a 36.7% year-on-year (YoY) rise in revenue during 2022 to SAR 268.9 million.

 

Accordingly, gross profit expanded by 47.2% YoY to SAR 146.4 million from SAR 99.4 million a year ago.



Total shareholders’ equity, no minority interest, rose to SAR 68.41 million as of Dec. 31, 2022, compared to SAR 38.69 million in the year-earlier period.

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