Foods Gate 2022 profit jumps 48% to SAR 8.4 mln

30/05/2023 Argaam Exclusive

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Foods Gate Trading Co. (FG) posted a 48% rise in 2022 net profit to SAR 8.4 million, from SAR 5.6 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	60.02	61.59	2.6 %
Gross Income	17.15	18.12	5.6 %
Operating Income	5.37	8.03	49.5 %
Net Income	5.64	8.35	47.9 %
Average Shares	2.10	2.10	-
EPS (Riyals)	2.69	3.97	47.9 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	34.93	29.83	(14.6 %)
Gross Income	8.56	8.66	1.2 %
Operating Income	3.24	3.95	22.0 %
Net Income	3.89	1.94	(50.1 %)
Average Shares	2.10	2.10	-
EPS (Riyals)	1.85	0.92	(50.1 %)

Item	H1 2022	H2 2022	Change‬
Revenues	31.76	29.83	(6.1 %)
Gross Income	9.45	8.66	(8.4 %)
Operating Income	4.08	3.95	(3.0 %)
Net Income	6.41	1.94	(69.7 %)
Average Shares	2.10	2.10	-
EPS (Riyals)	3.05	0.92	(69.7 %)

FG attributed the higher annual profit to a drop of 19.16% year-on-year (YoY) in general and administrative expenses, and a 15.66% fall YoY in finance costs.

Despite the negative impact of COVID-19 and social distancing on the food and beverages segment in terms of weak purchasing power and high operating costs, the company maintained its sales volume for 2022.

Shareholders’ equity, no minority interest, increased to SAR 37.24 million by the end of 2022, compared to SAR 28.82 million a year earlier.

Historical development of interim financials
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	25.09	1.76	0.84
H2 2021	34.93	3.88	1.85
H1 2022	31.76	6.41	3.05
H2 2022	29.83	1.94	0.92

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