Al-Jouf Agricultural 2023 profit rises 21% to SAR 62M; Q4 at SAR 16.5M

24/03/2024 Argaam Exclusive

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Al-Jouf Agricultural Development Co. posted a 21% profit leap in 2023 to SAR 62 million, compared to SAR 51.1 million in the year-earlier period.

Financials (M)

Item	2022	2023	Change‬
Revenues	342.00	426.44	24.7 %
Gross Income	120.29	126.35	5.0 %
Operating Income	56.70	56.17	(0.9 %)
Net Income	51.07	61.97	21.4 %
Average Shares	30.00	30.00	-
EPS (Riyals)	1.70	2.07	21.4 %

The annual earnings were driven by better sales on increased sales volumes and a rise of SAR 9 million in the profits from investments at fair value.

On the other hand, selling, general and administrative expenses, as well as distribution costs increased. The company also reported higher Zakat charges.

The fourth-quarter net earnings soared 80% to SAR 16.5 million from SAR 9.1 million in Q4 2022.

On a sequential basis, the bottom line dropped 20.4% from SAR 20.7 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	82.21	114.52	39.3 %
Gross Income	24.27	26.52	9.3 %
Operating Income	9.82	8.40	(14.4 %)
Net Income	9.17	16.48	79.8 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.31	0.55	79.8 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	149.57	114.52	(23.4 %)
Gross Income	43.04	26.52	(38.4 %)
Operating Income	21.43	8.40	(60.8 %)
Net Income	20.72	16.48	(20.4 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.69	0.55	(20.4 %)

Shareholders’ equity, no minority interest, rose to SAR 718.6 million as of Dec. 31, 2023, from SAR 667.53 million a year earlier.

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