Nofoth posts 36% profit leap to SAR 42.7M in 2023

25/03/2024 Argaam Exclusive

View other reports

Nofoth Food Products Co. posted a net profit jump of 36% to SAR 42.7 million in 2023 from SAR 31.5 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	270.20	308.19	14.1 %
Gross Income	147.76	182.97	23.8 %
Operating Income	32.77	42.69	30.3 %
Net Income	31.49	42.67	35.5 %
Average Shares	48.00	48.00	-
EPS (Riyals)	0.66	0.89	35.5 %

The profit growth was attributed to a 14.06% rise year-on-year (YoY) in revenue to SAR 308.18 million in 2023, backed by higher selling channels and the company’s expansions.

Gross profit climbed 23.83% YoY to SAR 182.97 million as Nofoth reconsidered production costs, renegotiated with suppliers, and increased automated operations in the factories.

The company also developed its business models.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	134.48	152.57	13.5 %
Gross Income	75.48	91.50	21.2 %
Operating Income	17.37	19.68	13.3 %
Net Income	16.12	20.62	27.9 %
Average Shares	48.00	48.00	-
EPS (Riyals)	0.34	0.43	27.9 %

Item	H1 2023	H2 2023	Change‬
Revenues	155.62	152.57	(2.0 %)
Gross Income	91.47	91.50	0.0 %
Operating Income	23.01	19.68	(14.5 %)
Net Income	22.05	20.62	(6.5 %)
Average Shares	48.00	48.00	-
EPS (Riyals)	0.46	0.43	(6.5 %)

Shareholders’ equity, no minority interest, reached SAR 106.38 million as of Dec. 31, 2023, up from SAR 68.41 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	80.91	12.39	0.26
H2 2021	115.71	14.46	0.30
H1 2022	135.72	15.37	0.32
H2 2022	134.48	16.12	0.34
H1 2023	155.62	22.05	0.46
H2 2023	152.57	20.62	0.43

View more financial results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×