Balady 2023 profit up 19% to SAR 100.9M; Q4 at SAR 36.7M

27/03/2024 Argaam Exclusive

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Balady Poultry Trading Co. reported a net profit of SAR 100.9 million in 2023, up 19% from SAR 85.1 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	641.28	757.72	18.2 %
Gross Income	96.45	115.34	19.6 %
Operating Income	76.20	91.80	20.5 %
Net Income	85.10	100.91	18.6 %
Average Shares	6.57	6.57	-
EPS (Riyals)	12.95	15.36	18.6 %

The profit increase was driven by a rise in sales revenue to approximately SAR 757.7 million in 2023 compared to approximately SAR 641.2 million in 2022, an increase of 18.16% due to higher average daily production.

The average daily production in 2023 was 164,000 birds per day, while in 2022 it was 133,000 daily birds.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	362.68	413.16	13.9 %
Gross Income	52.71	66.78	26.7 %
Operating Income	42.17	54.95	30.3 %
Net Income	48.85	60.64	24.1 %
Average Shares	6.57	6.57	-
EPS (Riyals)	7.44	9.23	24.1 %

Item	H1 2023	H2 2023	Change‬
Revenues	344.56	413.16	19.9 %
Gross Income	48.56	66.78	37.5 %
Operating Income	36.85	54.95	49.1 %
Net Income	40.27	60.64	50.6 %
Average Shares	6.57	6.57	-
EPS (Riyals)	6.13	9.23	50.6 %

The fourth-quarter net earnings almost doubled to SAR 36.7 million, compared to SAR 19.02 million a year before.

Compared with the previous quarter, Q4 net earnings leapt 53.4% from SAR 23.93 million.

Shareholders’ equity, with no minority interest, stood at SAR 210.2 billion at the end of 2023, from SAR 137.2 billion a year before.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	162.83	9.23	1.40
H2 2021	194.67	11.31	1.72
H1 2022	278.61	36.25	5.52
H2 2022	362.67	48.85	7.44
H1 2023	344.56	40.27	6.12
H2 2023	757.72	100.91	15.36

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