Balady 2023 profit up 19% to SAR 100.9M; Q4 at SAR 36.7M

27/03/2024 Argaam Exclusive

Balady Poultry Trading Co. reported a net profit of SAR 100.9 million in 2023, up 19% from SAR 85.1 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 641.28 757.72 18.2 %
Gross Income 96.45 115.34 19.6 %
Operating Income 76.20 91.80 20.5 %
Net Income 85.10 100.91 18.6 %
Average Shares 6.57 6.57 -
EPS (Riyals) 12.95 15.36 18.6 %

The profit increase was driven by a rise in sales revenue to approximately SAR 757.7 million in 2023 compared to approximately SAR 641.2 million in 2022, an increase of 18.16% due to higher average daily production.

 

The average daily production in 2023 was 164,000 birds per day, while in 2022 it was 133,000 daily birds.



Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 362.68 413.16 13.9 %
Gross Income 52.71 66.78 26.7 %
Operating Income 42.17 54.95 30.3 %
Net Income 48.85 60.64 24.1 %
Average Shares 6.57 6.57 -
EPS (Riyals) 7.44 9.23 24.1 %

The fourth-quarter net earnings almost doubled to SAR 36.7 million, compared to SAR 19.02 million a year before.

 

Compared with the previous quarter, Q4 net earnings leapt 53.4% from SAR 23.93 million.

 

Shareholders’ equity, with no minority interest, stood at SAR 210.2 billion at the end of 2023, from SAR 137.2 billion a year before.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2021

162.83

9.23

1.40

H2 2021

194.67

11.31

1.72

H1 2022

278.61

36.25

5.52

H2 2022

362.67

48.85

7.44

H1 2023

344.56

40.27

6.12

H2 2023

757.72

100.91

15.36

 

 

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Share Price

Balady Poultry Trading Co.
388.00
(2.60) (0.67 %)

Balady Poultry Trading Co. (BALADY)

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Financial Ratios
Current
Market Cap (M Riyal) 2,549.16
Enterprise Value (EV) (M) 2,458.35
Shares Outstanding ((M)) 6.57
Book Value (BV) ( Riyal) 32.00
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 25.26
Price/book 12.13
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