Al-Jouf Agricultural H1 2021 net profit falls 61% to SAR 7.3 mln

04/08/2021 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported a net profit after Zakat and tax of SAR 7.3 million for H1 2021, down 61%, from SAR 18.5 million a year earlier, driven by lower sales and profit margins.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	118.09	117.06	(0.9 %)
Gross Income	48.14	29.23	(39.3 %)
Operating Income	31.83	7.19	(77.4 %)
Net Income	18.42	7.28	(60.5 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.61	0.24	(60.5 %)

The second-quarter net profit after Zakat and tax fell 71% year-on-year (YoY) to SAR 3.4 million due to a drop in sales and profit margins.

On a sequential basis, Q2 2021 net profit declined 10.2% on lower sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	71.97	55.70	(22.6 %)
Gross Income	28.98	16.75	(42.2 %)
Operating Income	20.07	3.40	(83.0 %)
Net Income	11.87	3.45	(71.0 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.40	0.11	(71.0 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	61.36	55.70	(9.2 %)
Gross Income	12.48	16.75	34.2 %
Operating Income	3.79	3.40	(10.1 %)
Net Income	3.84	3.45	(10.2 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.13	0.11	(10.2 %)

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