Financial Results : Al-Jouf Agricultural profit rises 64% to SAR 32.9M in Q1 2024

Al-Jouf Agricultural profit rises 64% to SAR 32.9M in Q1 2024

12/05/2024 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported a net profit of SAR 32.9 million for Q1 2024, a 64% increase from SAR 20.1 million in the prior-year period.   



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 104.44 160.47 53.6 %
Gross Income 37.81 60.08 58.9 %
Operating Income 21.43 37.12 73.2 %
Net Income 20.08 32.92 64.0 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.67 1.10 64.0 %

Profit growth was spurred by a SAR 56 million increase in sales, specifically French fries, following the commercial start of the company's new French fries plant in December 2023.

 

On the other hand, the company reported a rise in selling and distribution costs, an increase in general and administrative costs, and higher Zakat expenses.

 

Compared to Q4 2023, Al-Jouf Agriculture’s net earnings leapt 99.7% from SAR 16.48 million, due to a SAR 46 million increase in sales.

 

Total shareholders’ equity, no minority interest, amounted to SAR 744 million at the end of Q1 2024, compared to SAR 672.6 million a year before.

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