Balady Poultry profit up 79% to SAR 71.9M in H1 2024, Q2 at SAR 31.3M

25/07/2024 Argaam Exclusive

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Balady Poultry Trading Co. reported a net profit of SAR 71.9 million in H1 2024, a 79% increase from SAR 40.3 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	344.56	449.63	30.5 %
Gross Income	48.56	82.20	69.3 %
Operating Income	36.85	68.33	85.4 %
Net Income	40.27	71.94	78.6 %
Average Shares	6.57	6.57	-
EPS (Riyals)	6.13	10.95	78.6 %

The company’s sales and revenues rose in H1 2024 by 30.49% to about SAR 449.6 from SAR 344.5 million in H1 2023.

The average daily production during H1 2024 reached 194,000 birds per day from 152,000 daily birds in H1 2023.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	344.56	449.63	30.5 %
Gross Income	48.56	82.20	69.3 %
Operating Income	36.85	68.33	85.4 %
Net Income	40.27	71.94	78.6 %
Average Shares	6.57	6.57	-
EPS (Riyals)	6.13	10.95	78.6 %

Item	H2 2023	H1 2024	Change‬
Revenues	413.16	449.63	8.8 %
Gross Income	66.78	82.20	23.1 %
Operating Income	54.95	68.33	24.3 %
Net Income	60.64	71.94	18.6 %
Average Shares	6.57	6.57	-
EPS (Riyals)	9.23	10.95	18.6 %

In Q2 2024, the company’s net profit grew 96.5% to SAR 31.33 million from SAR 15.94 million in the prior year-period.

Sequentially, the Saudi-listed firm’s profit fell by 22.9% from SAR 40.6 million.

Shareholders' equity, no minority interest, amounted to SAR 275.6 million at the end of H1 2024, compared to SAR 170.9 million at the end of H1 2023.

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	1.73
H1 2022	278.61	36.25	5.52
H2 2022	362.67	48.85	7.43
H1 2023	344.56	40.27	6.13
H2 2023	413.16	60.64	9.23
H1 2024	449.63	71.93	10.95

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