FADECO’s 2021 profit falls 36% to SAR 6 mln, Q4 loss at SAR 750,000

22/06/2022 Argaam Exclusive

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Arabian Food & Dairy Factories Co. (FADECO), which listed on Nomu-Parallel Market recently, posted a net profit of SAR 6 million for 2021, a fall of 36% compared to SAR 9.4 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	53.45	52.24	(2.3 %)
Gross Income	25.01	22.04	(11.9 %)
Operating Income	9.85	6.04	(38.7 %)
Net Income	9.38	6.02	(35.8 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	6.65	4.27	(35.8 %)

The profit decline was due to a 12% fall in gross income and a 43% drop in operating income, as well as an 8% rise in operating expenses.

This is despite higher other income, as well as lower finance charges and Zakat provision.

Meanwhile, the company incurred a loss of SAR 750,000 in Q4 2021, against a profit of SAR 1.36 million a year earlier.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Revenues	29.02	27.44	(5.4 %)
Gross Income	13.84	10.42	(24.7 %)
Operating Income	5.85	2.42	(58.7 %)
Net Income	5.63	2.54	(54.9 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	4.00	1.80	(54.9 %)

Item	H1 2021	H2 2021	Change‬
Revenues	24.80	27.44	10.7 %
Gross Income	11.62	10.42	(10.3 %)
Operating Income	3.62	2.42	(33.2 %)
Net Income	3.48	2.54	(27.1 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	2.47	1.80	(27.1 %)

Total shareholders’ equity, excluding minority interest, amounted to SAR 28.10 million at the end of the period, compared to SAR 27.55 million a year earlier.

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