Al-Jouf Agricultural swings to SAR 21.4 mln profit in 2020

01/03/2021 Argaam Exclusive

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Al-Jouf Agricultural Development Co. swung to net profit of SAR 21.4 million in 2020, compared to a loss of SAR 20.8 million in the previous year.

The improvement was attributed mainly to year-on-year (YoY) increase in profit margin, which led to an increase in income from operation. The firm also recognized net gain of SAR 25.46 million, resulting from the ownership for the revived land, along with a decrease in impairment of property, equipment and biological assets.

Meanwhile, the company noted an increase in selling & distribution costs, general & administrative costs, and Zakat expenses.

Financials (M)

Item	2019	2020	Change‬
Revenues	224.45	223.21	(0.6 %)
Gross Income	40.49	64.29	58.8 %
Operating Income	(1.75)	14.58	932.2 %
Net Income	(20.80)	27.83	233.8 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.69)	0.93	233.8 %

The company narrowed losses in Q4 2020 to SAR 4.7 million, compared to a loss of SAR 22 million in Q4 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	63.13	56.06	(11.2 %)
Gross Income	9.37	11.38	21.4 %
Operating Income	(5.12)	(9.22)	(79.9 %)
Net Income	(22.06)	1.76	108.0 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.74)	0.06	108.0 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	49.05	56.06	14.3 %
Gross Income	4.77	11.38	138.7 %
Operating Income	(8.03)	(9.22)	(14.8 %)
Net Income	7.65	1.76	(77.0 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.25	0.06	(77.0 %)

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