Foods Gate profit down 6% to SAR 3.9M in H1 2024

18/08/2024 Argaam Exclusive

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Foods Gate Trading Co. reported a net profit of SAR 3.9 million for H1 2024, down 6% from SAR 4.1 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	28.57	31.44	10.1 %
Gross Income	9.08	9.70	6.9 %
Operating Income	4.62	4.51	(2.4 %)
Net Income	4.12	3.89	(5.6 %)
Average Shares	2.10	2.10	-
EPS (Riyals)	1.96	1.85	(5.6 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	28.57	31.44	10.1 %
Gross Income	9.08	9.70	6.9 %
Operating Income	4.62	4.51	(2.4 %)
Net Income	4.12	3.89	(5.6 %)
Average Shares	2.10	2.10	-
EPS (Riyals)	1.96	1.85	(5.6 %)

Item	H2 2023	H1 2024	Change‬
Revenues	30.81	31.44	2.1 %
Gross Income	9.39	9.70	3.4 %
Operating Income	4.76	4.51	(5.2 %)
Net Income	4.28	3.89	(9.0 %)
Average Shares	2.10	2.10	-
EPS (Riyals)	2.04	1.85	(9.0 %)

The profit fall was attributed to the temporary closing of one of Kimono Restaurant’s branches in Riyadh for renovations and improvements for 70 days.

Foods Gate suffered higher general and administrative expenses, in addition to pre-operating expenses for new branches.

This was offset by rising revenues of 10%, or SAR 2.87 million, to SAR 31.44 million in H1 20204, compared to SAR 28.56 million a year ago due to the opening of two new branches in Jeddah.

Total shareholders’ equity, no minority interest, stood at SAR 47.8 million by June 30, 2024, compared to SAR 41.37 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	Earnings Per Share (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
H1 2023	28.57	5.37	2.56
H2 2023	30.80	3.03	1.44
H1 2024	31.44	3.89	1.85

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