Nofoth Food Products Co. posted a net profit jump of 36% to SAR 42.7 million in 2023 from SAR 31.5 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 270.20 | 308.19 | 14.1 % |
| Gross Income | 147.76 | 182.97 | 23.8 % |
| Operating Income | 32.77 | 42.69 | 30.3 % |
| Net Income | 31.49 | 42.67 | 35.5 % |
| Average Shares | 48.00 | 48.00 | - |
| EPS (Riyals) | 0.66 | 0.89 | 35.5 % |
The profit growth was attributed to a 14.06% rise year-on-year (YoY) in revenue to SAR 308.18 million in 2023, backed by higher selling channels and the company’s expansions.
Gross profit climbed 23.83% YoY to SAR 182.97 million as Nofoth reconsidered production costs, renegotiated with suppliers, and increased automated operations in the factories.
The company also developed its business models.
Shareholders’ equity, no minority interest, reached SAR 106.38 million as of Dec. 31, 2023, up from SAR 68.41 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2021 |
80.91 |
12.39 |
0.26 |
|
H2 2021 |
115.71 |
14.46 |
0.30 |
|
H1 2022 |
135.72 |
15.37 |
0.32 |
|
H2 2022 |
134.48 |
16.12 |
0.34 |
|
H1 2023 |
155.62 |
22.05 |
0.46 |
|
H2 2023 |
152.57 |
20.62 |
0.43 |
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