FADECO posts 45% profit rise to SAR 3M in H1 2024

29/08/2024 Argaam Exclusive

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Arabian Food and Dairy Factories Co. (FADECO) reported a net profit of SAR 3 million in the first half of 2024, up 45% compared to SAR 2.1 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	30.02	29.41	(2.0 %)
Gross Income	13.51	14.73	9.0 %
Operating Income	2.14	3.17	48.0 %
Net Income	2.09	3.02	44.6 %
Average Shares	1.41	1.41	-
EPS (Riyals)	1.48	2.14	44.6 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	30.02	29.41	(2.0 %)
Gross Income	13.51	14.73	9.0 %
Operating Income	2.14	3.17	48.0 %
Net Income	2.09	3.02	44.6 %
Average Shares	1.41	1.41	-
EPS (Riyals)	1.48	2.14	44.6 %

Item	H2 2023	H1 2024	Change‬
Revenues	32.17	29.41	(8.6 %)
Gross Income	15.25	14.73	(3.4 %)
Operating Income	3.93	3.17	(19.4 %)
Net Income	3.91	3.02	(22.9 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	2.77	2.14	(22.9 %)

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

Shareholders’ equity, no minority interest, stood at SAR 34.71 million as of June 30, 2024, compared to SAR 29.40 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/share)
H1 2020	24.42	3.75	2.66
H2 2020	29.03	5.63	3.99
H1 2021	24.80	3.48	2.47
H2 2021	27.44	2.54	1.80
H1 2022	27.13	(0.20)	(0.14)
H2 2022	30.91	3.97	2.82
H1 2023	30.02	2.09	1.48
H2 2023	32.17	3.91	2.77
H1 2024	29.41	3.02	2.14

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