AlBabtain Food reports net profit surge of 75% to SAR 15.9 mln in 2021

04/09/2022 Argaam Exclusive

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Abdulaziz and Mansour Ibrahim Albabtin Co. (AlBabtain Food) reported a net profit of SAR 15.9 million in 2021, an increase of 75%, from SAR 9.1 million in 2020, driven by an 80% surge year-on-year (YoY) in revenue, higher operating profit, lower cost of finance and a rise in other revenue.

Financials (M)

Item	2020	2021	Change‬
Revenues	71.10	127.74	79.7 %
Gross Income	25.15	41.43	64.7 %
Operating Income	10.07	16.47	63.6 %
Net Income	9.06	15.87	75.3 %
Average Shares	3.40	3.40	-
EPS (Riyals)	2.66	4.67	75.3 %

This was offset by higher cost of sales, increased general expenses, higher Zakat and taxes, in addition to recording loss share from an associate.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2020	H2 2021	Change‬

Item	H1 2021	H2 2021	Change‬
Revenues	55.10	72.64	31.8 %
Gross Income	17.14	24.30	41.8 %
Operating Income	6.11	10.36	69.5 %
Net Income	5.78	10.09	74.6 %
Average Shares	3.40	3.40	-
EPS (Riyals)	1.70	2.97	74.6 %

Shareholders’ equity, excluding minority interest, stood at SAR 48.11 million by the end of 2021, compared to SAR 33.57 million in the year-earlier period.

The company reported SAR 52.37 million in revenue from the restaurants and juice segment by the end of 2021, accounting for 41% of the company’s total revenue.

It also generated SAR 19.16 million in revenue from the ice cream business division, SAR 24.27 million from chocolates and SAR 31.94 million from the pastry segment.

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