Foods Gate’s net profit edges up to SAR 8.4M in 2023

28/03/2024 Argaam Exclusive

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Foods Gate Trading Co. reported a net profit of SAR 8.4 million for 2023, compared to SAR 8.3 million a year earlier, backed by 18.2% lower year-on-year (YoY) general and administrative expenses (G&As) despite a decline in sales.

Financials (M)

Item	2022	2023	Change‬
Revenues	61.59	59.37	(3.6 %)
Gross Income	18.12	18.46	1.9 %
Operating Income	8.03	9.39	16.9 %
Net Income	8.35	8.40	0.7 %
Average Shares	2.10	2.10	-
EPS (Riyals)	3.97	4.00	0.7 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	29.83	30.81	3.3 %
Gross Income	8.66	9.39	8.4 %
Operating Income	3.95	4.76	20.5 %
Net Income	1.94	4.28	120.6 %
Average Shares	2.10	2.10	-
EPS (Riyals)	0.92	2.04	120.6 %

Item	H1 2023	H2 2023	Change‬
Revenues	28.57	30.81	7.8 %
Gross Income	9.08	9.39	3.4 %
Operating Income	4.62	4.76	3.0 %
Net Income	4.12	4.28	3.7 %
Average Shares	2.10	2.10	-
EPS (Riyals)	1.96	2.04	3.7 %

Total shareholders’ equity, no minority interest, stood at SAR 45.86 million by Dec. 31, 2023, compared to SAR 37.24 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR /share)
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
H1 2023	28.57	5.37	2.56
H2 2023	30.80	3.03	1.44

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