Nofoth posts 36% profit leap to SAR 42.7M in 2023

25/03/2024 Argaam Exclusive

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.



Financials (M)

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.



Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 134.48 152.57 13.5 %
Gross Income 75.48 91.50 21.2 %
Operating Income 17.37 19.68 13.3 %
Net Income 16.12 20.62 27.9 %
Average Shares 48.00 48.00 -
EPS (Riyals) 0.34 0.43 27.9 %

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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Share Price

Nofoth Food Products Co.
17.80
0.24 1.37 %

Nofoth Food Products Co. (NOFOTH)

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Financial Ratios
Current
Market Cap (M Riyal) 854.40
Enterprise Value (EV) (M) 789.05
Shares Outstanding ((M)) 48.00
Book Value (BV) ( Riyal) 2.22
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 20.02
Price/book 8.03
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