Al-Jouf Agricultural 2021 net profit drops 19% to SAR 17.4 mln; Q4 earnings hit SAR 6.8 mln

03/03/2022 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported a net profit after Zakat and tax of SAR 17.4 million in 2021, down 19% from SAR 21.4 million in the previous year.

The company attributed the profit drop to the net gain recognized at SAR 25.46 million in 2020, on the treatment of revived land ownership impact, despite an increase in sales, and lower general and administrative expenses, and selling and distribution costs.

This had a positive impact on the improvement of profit margins and operating profits, despite the decrease in PP&E impairment for last year, increased other revenues and lower Zakat expenses.

Financials (M)

Item	2020	2021	Change‬
Revenues	223.21	312.66	40.1 %
Gross Income	64.29	68.50	6.6 %
Operating Income	14.58	19.84	36.1 %
Net Income	27.83	17.37	(37.6 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.93	0.58	(37.6 %)

The company swung to a net profit after Zakat and tax of SAR 6.8 million in Q4 2021, compared to a loss of SAR 4.7 million in Q4 2020.

On a sequential basis, Q4 2021 net profit rose more than two-fold.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	56.06	95.79	70.9 %
Gross Income	11.38	20.34	78.8 %
Operating Income	(9.22)	7.23	178.5 %
Net Income	1.76	6.77	284.4 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.06	0.23	284.4 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	99.81	95.79	(4.0 %)
Gross Income	18.93	20.34	7.4 %
Operating Income	5.41	7.23	33.6 %
Net Income	3.32	6.77	104.1 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.11	0.23	104.1 %

Shareholders' equity, excluding minority rights, at the end of the period amounted to SAR 627.6 million, compared to SAR 608.1 million in 2020.

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