SADAFCO net profit down 2% to SAR 260.9 mln in FY2020/21

10/05/2021 Argaam Exclusive

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Saudia Dairy & Foodstuff Company (SADAFCO) reported a net profit after Zakat and tax of SAR 260.9 million for the fiscal year ended March 31, 2021, a decline of 2% from a net profit of SAR 265.1 million a year earlier.

Financials (M)

Item	2019	2020	Change‬
Revenues	2,056.09	2,105.40	2.4 %
Gross Income	689.18	693.83	0.7 %
Operating Income	287.77	276.53	(3.9 %)
Net Income	266.26	260.55	(2.1 %)
Average Shares	32.50	32.50	-
EPS (Riyals)	8.19	8.02	(2.1 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	561.31	521.98	(7.0 %)
Gross Income	179.81	172.81	(3.9 %)
Operating Income	86.83	64.83	(25.3 %)
Net Income	74.50	56.08	(24.7 %)
Average Shares	32.50	32.50	-
EPS (Riyals)	2.29	1.73	(24.7 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	482.02	521.98	8.3 %
Gross Income	160.80	172.81	7.5 %
Operating Income	63.42	64.83	2.2 %
Net Income	63.77	56.08	(12.1 %)
Average Shares	32.50	32.50	-
EPS (Riyals)	1.96	1.73	(12.1 %)

The company was hit by the COVID-19 pandemic impact. Adjusting for the impact of the pandemic costs and donations, net profit would have been higher by 7.5%, or SAR 24 million.

Moreover, general and administrative expenses increased as a percentage of sales to 5.2% from 4.9% last year (SAR 101 million to SAR 109 million in absolute terms) driven by SAR 8.7 million donation in cash and kind.

Finance costs also increased to SAR 7.7 million from SAR 3.8 million a year earlier, due to lease and put options on non-controlling interest liabilities.

The fourth-quarter net profit dropped 23% year-on-year (YoY) to SAR 56.4 million.

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