Financial Results : Al-Jouf Agricultural net profit surges to SAR 15.2 mln in Q1 2022

Al-Jouf Agricultural net profit surges to SAR 15.2 mln in Q1 2022

15/05/2022 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported a net profit after Zakat and tax of SAR 15.2 million for Q1 2022, a more than three-fold increase, from SAR 3.8 million in the prior-year period.   



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 61.36 60.41 (1.6 %)
Gross Income 12.48 31.88 155.5 %
Operating Income 3.79 17.90 372.7 %
Net Income 3.84 15.23 297.0 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.13 0.51 297.0 %

This earnings rise was driven by an improved profit margin, lower cost of some products, and a 155.46% surge year-on-year (YoY) in gross profit. This came despite lower sales, higher selling and distribution expense, and an increase in general and administrative cost. 

 

On a sequential basis, net profit more than doubled from SAR 6.77 million in Q4 2021, thanks to better gross profit margins.    

 

Total shareholders’ equity, excluding minority interest, grew 5.1% YoY to SAR 642.8 million in the first three months of 2022. 

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