Nofoth H1 2024 net profit up 23% to SAR 27.1M

13/08/2024 Argaam Exclusive

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Nofoth Food Products Co. reported a net profit of SAR 27.1 million in H1 2024, an increase of 23% from SAR 22.1 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	155.62	179.32	15.2 %
Gross Income	91.47	110.54	20.8 %
Operating Income	23.01	26.32	14.4 %
Net Income	22.05	27.14	23.1 %
Average Shares	48.00	48.00	-
EPS (Riyals)	0.46	0.57	23.1 %

Revenue climbed 15.23% year-on-year to SAR 179.3 million in H1 2024, due to higher sales driven by the growth in the number of customers and new products.

Gross profit for the period increased to SAR 110.6 million, from SAR 91.5 million in the year-earlier period, on the growth in sales volumes, along with enhanced operating efficiency and cost reduction.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	155.62	179.32	15.2 %
Gross Income	91.47	110.54	20.8 %
Operating Income	23.01	26.32	14.4 %
Net Income	22.05	27.14	23.1 %
Average Shares	48.00	48.00	-
EPS (Riyals)	0.46	0.57	23.1 %

Item	H2 2023	H1 2024	Change‬
Revenues	152.57	179.32	17.5 %
Gross Income	91.50	110.54	20.8 %
Operating Income	19.68	26.32	33.7 %
Net Income	20.62	27.14	31.6 %
Average Shares	48.00	48.00	-
EPS (Riyals)	0.43	0.57	31.6 %

Total shareholders’ equity (no minority interest) reached SAR 117.98 million by June 30, 2024, compared to SAR 85.66 million in the corresponding period of the year before.

Nofoth Interim Results
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/ Share)
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	133.1	16.12	0.33
H1 2023	155.62	22.05	0.46
H2 2023	152.57	20.62	0.43
H1 2024	179.32	27.13	0.57

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