FADECO swings to SAR 2.1 mln profit in H1 2023

15/08/2023 Argaam Exclusive

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Arabian Food and Dairy Factories Co. (FADECO) reported a net profit of SAR 2.1 million in the first half of 2023, against a net loss of SAR 199 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	27.13	30.02	10.7 %
Gross Income	10.48	13.51	28.9 %
Operating Income	0.09	2.14	2202.7 %
Net Income	(0.20)	2.09	1149.5 %
Average Shares	1.41	1.41	-
EPS (Riyals)	(0.14)	1.48	1149.5 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	27.13	30.02	10.7 %
Gross Income	10.48	13.51	28.9 %
Operating Income	0.09	2.14	2202.7 %
Net Income	(0.20)	2.09	1149.5 %
Average Shares	1.41	1.41	-
EPS (Riyals)	(0.14)	1.48	1149.5 %

Item	H2 2022	H1 2023	Change‬
Revenues	30.91	30.02	(2.9 %)
Gross Income	12.89	13.51	4.8 %
Operating Income	3.99	2.14	(46.4 %)
Net Income	3.97	2.09	(47.5 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	2.82	1.48	(47.5 %)

The positive performance was driven by lower raw material prices, along with higher product prices and other income.

Shareholders’ equity, no minority interest, stood at SAR 29.40 million as of June 30, 2023, down from SAR 25.99 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	24.42	3.57	2.66
H2 2020	29.03	5.63	3.99
H1 2021	24.80	3.48	2.47
H2 2021	27.44	2.54	1.8
H1 2022	27.13	(0.20)	(0.14)
H2 2022	30.91	3.97	2.82
H1 2023	30.02	2.09	1.48

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