Al-Jouf Agricultural 9M 2023 profit up 9% to SAR 45.5 mln; Q3 at SAR 20.7 mln

09/11/2023 Argaam Exclusive

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Al-Jouf Agricultural Development Co. posted a 9% profit increase in the first nine months of 2023 to SAR 45.5 million, compared to SAR 41.9 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	259.79	311.92	20.1 %
Gross Income	96.02	99.83	4.0 %
Operating Income	46.88	47.76	1.9 %
Net Income	41.90	45.49	8.6 %
Average Shares	30.00	30.00	-
EPS (Riyals)	1.40	1.52	8.6 %

The profit increase is driven by higher sales and other revenues, despite an increase in selling, distribution, general, administrative, and Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	135.35	149.57	10.5 %
Gross Income	44.00	43.04	(2.2 %)
Operating Income	21.49	21.43	(0.3 %)
Net Income	19.84	20.72	4.4 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.66	0.69	4.4 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	57.90	149.57	158.3 %
Gross Income	18.98	43.04	126.8 %
Operating Income	4.90	21.43	337.3 %
Net Income	4.69	20.72	341.3 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.16	0.69	341.3 %

In Q3 2023, net profit grew 4% to SAR 20.7 million from SAR 19.84 million in Q3 2022.

On a sequential basis, the bottom line jumped more than four-fold from SAR 4.70 million in Q2 2023.

Shareholders’ equity, no minority interest, reached SAR 698.02 million as of Sept. 30, 2023, up from SAR 654.52 million a year earlier.

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