FADECO net profit down 37% to SAR 3.8 mln in 2022

29/03/2023 Argaam Exclusive

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Arabian Food & Dairy Factories Co. (FADECO) reported a decline of 37% in net profit to SAR 3.8 million in 2022, from SAR 6 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	52.24	58.04	11.1 %
Gross Income	22.04	23.37	6.0 %
Operating Income	6.04	4.08	(32.3 %)
Net Income	6.02	3.77	(37.3 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	4.27	2.68	(37.3 %)

The profit decline was attributed to higher prices of raw materials and elevated general and administrative expenses. This is despite an increase in sales.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	27.44	30.91	12.6 %
Gross Income	10.42	12.89	23.7 %
Operating Income	2.42	3.99	65.1 %
Net Income	2.54	3.97	56.5 %
Average Shares	1.41	1.41	-
EPS (Riyals)	1.80	2.82	56.5 %

Item	H1 2022	H2 2022	Change‬
Revenues	27.13	30.91	13.9 %
Gross Income	10.48	12.89	23.0 %
Operating Income	0.09	3.99	4196.7 %
Net Income	(0.20)	3.97	2097.9 %
Average Shares	1.41	1.41	-
EPS (Riyals)	(0.14)	2.82	2097.9 %

Total shareholders’ equity, no minority interest, rose to SAR 28.96 million as of Dec. 31, 2022, from SAR 28.10 million a year earlier.

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