Al Jouf Agricultural posts profit surge to SAR 41.9 mln in 9M 2022, Q3 at SAR 19.8 mln

09/11/2022 Argaam Exclusive

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Al Jouf Agricultural Development Co. reported a net profit after Zakat and tax of SAR 41.9 million in the first nine months of 2022, an over threefold rise from SAR 10.6 million in the year-ago period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	216.87	259.79	19.8 %
Gross Income	48.16	96.02	99.4 %
Operating Income	12.60	46.88	272.0 %
Net Income	10.60	41.90	295.2 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.35	1.40	295.2 %

The nine-month results were lifted by higher sales and profit margins, despite an increase in selling and distribution expenses as well as general and administrative (G&A) expenses, alongside a decrease in other revenues and higher Zakat expenses.

In Q3 2022, the company’s net profit after Zakat and tax skyrocketed to SAR 19.8 million, from SAR 3.32 million in Q3 2021, thanks to better sales and profit margins despite increased G&A and distribution costs.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	99.81	135.35	35.6 %
Gross Income	18.93	44.00	132.4 %
Operating Income	5.41	21.49	297.0 %
Net Income	3.32	19.84	497.8 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.11	0.66	497.8 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	64.03	135.35	111.4 %
Gross Income	20.14	44.00	118.5 %
Operating Income	7.49	21.49	187.1 %
Net Income	6.83	19.84	190.6 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.23	0.66	190.6 %

Compared to Q2 2022, net profit soared from SAR 6.83 million.

Total shareholders’ equity, no minority interest, increased to SAR 654.521 million as of Sept. 30, 2022, from SAR 618.736 million a year earlier.

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