Financial Results : Al-Jouf Agricultural H1 2024 profit leaps 96% to SAR 48.5M; Q2 at SAR 15.6M

Al-Jouf Agricultural H1 2024 profit leaps 96% to SAR 48.5M; Q2 at SAR 15.6M

05/08/2024 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported a 96% leap in net profit to SAR 48.5 million in the first half of 2024, compared to SAR 24.8 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 162.34 273.55 68.5 %
Gross Income 56.79 98.91 74.2 %
Operating Income 26.33 54.37 106.5 %
Net Income 24.77 48.49 95.7 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.83 1.62 95.7 %

The company posted higher sales in H1 2024 compared with the year-ago period on an increase in quantities sold, especially the French fries, after the start of commercial operation of the new French fries’ factory in December 2023.

 

However, this was offset by higher selling, distribution, administrative, and general expenses, as well as a rise in the cost of financing.

 

In the second quarter of 2024, net profit soared to SAR 15.57 million from SAR 4.7 million in Q2 2023, boosted by an increase in quantities sold, especially the French fries, after the start of commercial operation of the new French fries’ factory in December 2023.

 

The second-quarter net profit dropped 52.7% from SAR 32.92 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 57.90 113.09 95.3 %
Gross Income 18.98 38.83 104.6 %
Operating Income 4.90 17.09 248.8 %
Net Income 4.69 15.56 231.6 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.16 0.52 231.6 %

Shareholders’ equity, no minority interest, rose to SAR 744.59 million by the end of the six-month period from SAR 677.31 million a year earlier.

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