Nofoth Food’s profit rises 17% to SAR 31.5 mln in 2022

22/03/2023 Argaam Exclusive

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Nofoth Food Products Co. posted a 17% rise in 2022 net profit to SAR 31.5 million, compared to SAR 26.9 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	196.62	270.20	37.4 %
Gross Income	99.45	147.76	48.6 %
Operating Income	24.92	32.77	31.5 %
Net Income	26.85	31.49	17.3 %
Average Shares	48.00	48.00	-
EPS (Riyals)	0.56	0.66	17.3 %

The growth was spurred by a 36.7% year-on-year (YoY) rise in revenue during 2022 to SAR 268.9 million.

Accordingly, gross profit expanded by 47.2% YoY to SAR 146.4 million from SAR 99.4 million a year ago.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	115.71	134.48	16.2 %
Gross Income	61.54	75.48	22.7 %
Operating Income	13.50	17.37	28.6 %
Net Income	14.46	16.12	11.4 %
Average Shares	48.00	48.00	-
EPS (Riyals)	0.30	0.34	11.4 %

Item	H1 2022	H2 2022	Change‬
Revenues	135.72	134.48	(0.9 %)
Gross Income	72.28	75.48	4.4 %
Operating Income	15.40	17.37	12.8 %
Net Income	15.37	16.12	4.8 %
Average Shares	48.00	48.00	-
EPS (Riyals)	0.32	0.34	4.8 %

Total shareholders’ equity, no minority interest, rose to SAR 68.41 million as of Dec. 31, 2022, compared to SAR 38.69 million in the year-earlier period.

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