Fesh Fash profit drops 39% to SAR 1.4 mln in H1 2023

27/08/2023 Argaam Exclusive

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Fesh Fash Snack Food Production Co. reported a net profit fall of 39% to SAR 1.4 million in the first half of 2023 from SAR 2.3 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	15.71	17.35	10.4 %
Gross Income	4.71	4.83	2.7 %
Operating Income	2.32	1.48	(36.2 %)
Net Income	2.26	1.38	(39.0 %)
Average Shares	11.30	11.30	-
EPS (Riyals)	0.20	0.12	(39.0 %)

The half-year results were hurt by a 68% increase year-on-year (YoY) in general and administrative expenses. Fesh Fash also recorded an 8% rise YoY in operating costs as raw material prices and operating expenses jumped 12% each, compared to H1 2022.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	15.71	17.35	10.4 %
Gross Income	4.71	4.83	2.7 %
Operating Income	2.32	1.48	(36.2 %)
Net Income	2.26	1.38	(39.0 %)
Average Shares	11.30	11.30	-
EPS (Riyals)	0.20	0.12	(39.0 %)

Item	H2 2022	H1 2023	Change‬
Revenues	15.74	17.35	10.2 %
Gross Income	3.42	4.83	41.4 %
Operating Income	(0.57)	1.48	361.2 %
Net Income	(0.72)	1.38	291.5 %
Average Shares	11.30	11.30	-
EPS (Riyals)	(0.06)	0.12	291.5 %

Shareholders’ equity, no minority interest, declined to SAR 14 million as of June 30, 2023, from SAR 15.13 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	16.55	2.45	2.17
H2 2020	15.05	1.48	1.31
H1 2021	14.13	2.05	1.81
H1 2022	15.69	(0.65)	(0.58)
H1 2021	15.71	2.26	0.2
H2 2022	15.74	(0.72)	(0.64)
H1 2023	17.35	1.38	0.12

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