Al-Jouf Agricultural H1 2023 profit up 12% to SAR 24.8 mln; Q2 at SAR 4.7 mln

07/08/2023 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported a 12% rise in net profit to SAR 24.8 million in the first half of 2023, compared to SAR 22.1 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	124.43	162.34	30.5 %
Gross Income	52.02	56.79	9.2 %
Operating Income	25.39	26.33	3.7 %
Net Income	22.06	24.77	12.3 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.74	0.83	12.3 %

The company attributed the profit increase in H1 2023 to higher sales and other revenues, as well as lower Zakat expenses. However, selling, distribution, general, and administrative expenses increased.

In the second quarter of 2023, net profit fell 31.2% to SAR 4.7 million from SAR 6.8 million a year earlier on lower sales and higher selling, distribution, general and administrative expenses. This was despite a decline in Zakat expenses.

Compared to Q1 2023, net profit dropped 76.6% from SAR 20.08 million on lower sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	64.03	57.90	(9.6 %)
Gross Income	20.14	18.98	(5.8 %)
Operating Income	7.49	4.90	(34.6 %)
Net Income	6.83	4.69	(31.2 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.23	0.16	(31.2 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	104.44	57.90	(44.6 %)
Gross Income	37.81	18.98	(49.8 %)
Operating Income	21.43	4.90	(77.1 %)
Net Income	20.08	4.69	(76.6 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.67	0.16	(76.6 %)

Shareholders’ equity, with no minority interest, rose to SAR 677.3 million by the end of the six-month period from SAR 649.7 million a year earlier.

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