Balady Poultry profit up to SAR 40.2 mln in Q2 2023

13/08/2023 Argaam Exclusive

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Balady Poultry Trading Co. reported a net profit of SAR 40.2 million in Q2 2023, compared to SAR 36.2 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	278.61	344.56	23.7 %
Gross Income	43.73	48.56	11.0 %
Operating Income	34.02	36.85	8.3 %
Net Income	36.25	40.27	11.1 %
Average Shares	6.57	6.57	-
EPS (Riyals)	5.52	6.13	11.1 %

The profit growth was driven by an increase in the average daily production during the current period to 153,000 birds, compared with 120,000 per day a year earlier. The company also cited lower costs.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	278.61	344.56	23.7 %
Gross Income	43.73	48.56	11.0 %
Operating Income	34.02	36.85	8.3 %
Net Income	36.25	40.27	11.1 %
Average Shares	6.57	6.57	-
EPS (Riyals)	5.52	6.13	11.1 %

Item	H2 2022	H1 2023	Change‬
Revenues	362.68	344.56	(5.0 %)
Gross Income	52.71	48.56	(7.9 %)
Operating Income	42.17	36.85	(12.6 %)
Net Income	48.85	40.27	(17.6 %)
Average Shares	6.57	6.57	-
EPS (Riyals)	7.44	6.13	(17.6 %)

Shareholders’ equity, with no minority interest, stood at SAR 170.9 billion at the end of H1 2023, compared to SAR 102.3 billion a year before.

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