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.
| 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.
| 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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