Al-Jouf Agricultural makes SAR 26.1 mln in 9M 2020

09/11/2020 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported net profit after Zakat and tax of SAR 26.1 million for the first nine months of 2020, compared to SAR 1.3 million in prior-year period, driven by SAR 5.83 million increase in sales revenue, higher profit margins, in addition to reporting SAR 25.46 million in revenue from ownership of used land parts.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	161.31	167.15	3.6 %
Gross Income	31.12	52.91	70.0 %
Operating Income	3.37	23.80	605.8 %
Net Income	1.26	26.07	1965.5 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.04	0.87	1965.5 %

Al-Jouf reported net profit after Zakat and tax of SAR 7.7 million in Q3 2020, versus net loss of SAR 6.4 million in year-earlier period, backed by reporting SAR 25.46 million in revenue from ownership of used land parts.

On a sequential basis, Q3 2020 net profit dropped by 35.6% due to lower sales revenue and higher selling, distribution, general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	66.98	49.05	(26.8 %)
Gross Income	5.74	4.77	(16.9 %)
Operating Income	(5.41)	(8.03)	(48.4 %)
Net Income	(6.43)	7.65	218.9 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.21)	0.25	218.9 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	71.97	49.05	(31.8 %)
Gross Income	28.98	4.77	(83.6 %)
Operating Income	20.07	(8.03)	(140.0 %)
Net Income	11.87	7.65	(35.6 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.40	0.25	(35.6 %)

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