Al Jouf Agricultural 2022 profit rises to SAR 51 mln; Q4 at SAR 9 mln

05/03/2023 Argaam Exclusive

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Al Jouf Agricultural Development Co. posted an over twofold increase in its 2022 net profit to SAR 51 million, compared to SAR 17.4 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	312.66	342.00	9.4 %
Gross Income	68.50	120.29	75.6 %
Operating Income	19.84	56.70	185.8 %
Net Income	17.37	51.07	193.9 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.58	1.70	193.9 %

The profit rise was driven by sales, which grew by SAR 29 million during the current period.

Further, the cost of some products decreased, leading to an improvement in profit margins and operating profits.

On the other hand. general and administrative expenses, selling and distribution costs as well as Zakat charges increased.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	95.79	82.21	(14.2 %)
Gross Income	20.34	24.27	19.3 %
Operating Income	7.23	9.82	35.8 %
Net Income	6.77	9.17	35.3 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.23	0.31	35.3 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	135.35	82.21	(39.3 %)
Gross Income	44.00	24.27	(44.8 %)
Operating Income	21.49	9.82	(54.3 %)
Net Income	19.84	9.17	(53.8 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.66	0.31	(53.8 %)

The fourth-quarter net profit also climbed 35% to SAR 9 million, from SAR 6.77 million in Q4 2021.

Compared to Q3 2022, net profit fell 53.8% from SAR 19.84 million.

Total shareholders’ equity, no minority interest, increased to SAR 667.53 million as of Dec. 31, 2022, compared to SAR 627.6 million a year earlier.

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