Balady Poultry Trading Co. reported a net profit of SAR 64.2 million in the first nine months of 2023, down 3% from SAR 66.1 million a year earlier, as prices came under pressure and as daily production rose.
However, the company reported higher sales revenue.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 453.37 | 530.03 | 16.9 % |
| Gross Income | 74.21 | 75.42 | 1.6 % |
| Operating Income | 59.80 | 58.38 | (2.4 %) |
| Net Income | 66.08 | 64.21 | (2.8 %) |
| Average Shares | 6.57 | 6.57 | - |
| EPS (Riyals) | 10.06 | 9.77 | (2.8 %) |
The profit decline was attributed to the pressure on prices in the markets compared to the same period of the previous year, along with the continuous expansion of the company in increasing daily production. This was despite higher sales revenue.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 174.76 | 185.47 | 6.1 % |
| Gross Income | 30.48 | 26.86 | (11.9 %) |
| Operating Income | 25.77 | 21.53 | (16.5 %) |
| Net Income | 29.83 | 23.93 | (19.8 %) |
| Average Shares | 6.57 | 6.57 | - |
| EPS (Riyals) | 4.54 | 3.64 | (19.8 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 167.39 | 185.47 | 10.8 % |
| Gross Income | 20.19 | 26.86 | 33.0 % |
| Operating Income | 14.05 | 21.53 | 53.2 % |
| Net Income | 15.94 | 23.93 | 50.1 % |
| Average Shares | 6.57 | 6.57 | - |
| EPS (Riyals) | 2.43 | 3.64 | 50.1 % |
The third-quarter net earnings dropped 20% to SAR 23.9 million, compared to SAR 29.8 million a year before, also due to price pressures.
Compared with the previous quarter, Q3 net earnings leapt 50.1% from SAR 15.94 million.
Shareholders’ equity, with no minority interest, stood at SAR 181.67 billion at the end of 9M 2023, compared to SAR 125.62 billion a year before.
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