FADECO turns to SAR 199,000 loss in H1 2022

31/08/2022 Argaam Exclusive

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Arabian Food and Dairy Factories Co. (FADECO) swung to a net loss after Zakat and tax of SAR 199,000 in H1 2022, against a net profit of SAR 3.5 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	24.80	27.13	9.4 %
Gross Income	11.62	10.48	(9.8 %)
Operating Income	3.62	0.09	(97.4 %)
Net Income	3.48	(0.20)	(105.7 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	2.47	(0.14)	(105.7 %)

The first-half losses were incurred as profit margins dropped to 39% from 47% in H1 2021, due to the high cost of raw materials and higher wages.

Distribution and marketing expenses increased as a percentage of sales rose to 26.76% compared to 24.58% in H1 2021. General and administrative expenses (G&A) as a percentage of sales increased to 8.24% in the current period, from 7.66% last year.

The negative results came despite a rise of 9.40% year-on-year (YoY) in the company’s sales, backed by expansions in new areas, reliance on electronic marketing channels and access to a larger segment of individual customers through delivery platforms.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	24.80	27.13	9.4 %
Gross Income	11.62	10.48	(9.8 %)
Operating Income	3.62	0.09	(97.4 %)
Net Income	3.48	(0.20)	(105.7 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	2.47	(0.14)	(105.7 %)

Item	H2 2021	H1 2022	Change‬
Revenues	27.44	27.13	(1.1 %)
Gross Income	10.42	10.48	0.6 %
Operating Income	2.42	0.09	(96.2 %)
Net Income	2.54	(0.20)	(107.8 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	1.80	(0.14)	(107.8 %)

Shareholders’ equity, after minority interest, decreased to SAR 25.995 million as of June 30, 2022, from SAR 28.102 million a year earlier.

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