Al-Jouf Agricultural net profit plunges 59% to SAR 10.6 mln in 9M 2021

07/11/2021 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported a net profit after Zakat and tax of SAR 10.6 million for 9M 2021, down 59% from SAR 26.1 million a year earlier.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	167.15	216.87	29.7 %
Gross Income	52.91	48.16	(9.0 %)
Operating Income	23.80	12.60	(47.0 %)
Net Income	26.07	10.60	(59.3 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.87	0.35	(59.3 %)

The profit decline came due to the positive impact of land ownership treatment in 2020. The company also noted higher selling and distribution costs, and general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	49.05	99.81	103.5 %
Gross Income	4.77	18.93	297.2 %
Operating Income	(8.03)	5.41	167.4 %
Net Income	7.65	3.32	(56.6 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.25	0.11	(56.6 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	55.70	99.81	79.2 %
Gross Income	16.75	18.93	13.0 %
Operating Income	3.40	5.41	59.1 %
Net Income	3.45	3.32	(3.7 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.11	0.11	(3.7 %)

The net profit after Zakat and tax dropped 57% year-on-year (YoY) to SAR 3.3 million.

On a sequential basis, Q3 net profit fell 3.7% from SAR 3.45 million.

Shareholders’ equity, after minority interest, decreased to SAR 618.736 million as of Sept. 30, 2021 from SAR 622.310 million a year earlier.

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