Al-Jouf Agricultural posts SAR 22.1 mln profit in H1 2022; Q2 surges 98% to SAR 6.8 mln

10/08/2022 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported a rise in net profit after Zakat and tax to SAR 22.1 million in H1 2022, compared to SAR 7.3 million a year earlier, thanks to higher sales and profit margins.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	117.06	124.43	6.3 %
Gross Income	29.23	52.02	78.0 %
Operating Income	7.19	25.39	253.1 %
Net Income	7.28	22.06	202.9 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.24	0.74	202.9 %

In Q2 2022, net profit after Zakat and tax soared 98% to SAR 6.8 million, from SAR 3.45 million on better sales and profit margins, along with a decline in selling and distribution expenses. The company also cited higher other income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	55.70	64.03	14.9 %
Gross Income	16.75	20.14	20.2 %
Operating Income	3.40	7.49	120.0 %
Net Income	3.45	6.83	98.2 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.11	0.23	98.2 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	60.41	64.03	6.0 %
Gross Income	31.88	20.14	(36.8 %)
Operating Income	17.90	7.49	(58.2 %)
Net Income	15.23	6.83	(55.2 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.51	0.23	(55.2 %)

Compared to Q1 2022, net profit dropped 55.2% from SAR 15.23 million due to lower profit margins and increased Zakat expenses.

Shareholders’ equity, after minority interest, rose to SAR 649.681 million by the end of the six-month period, from SAR 615.416 million a year earlier.

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