Financial Results : SADAFCO’s net profit rises 21% to SAR 70.4 mln in Q1 2020/21

SADAFCO’s net profit rises 21% to SAR 70.4 mln in Q1 2020/21

26/07/2020 Argaam Exclusive

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Saudia Dairy & Foodstuff Company (SADAFCO) reported a net profit after Zakat and tax of SAR 70.4 million for the first quarter ended June 2020, a rise of 21% year-on-year (YoY), compared to SAR 58.2 million in the year earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 485.23 565.99 16.6 %
Gross Income 156.47 183.30 17.1 %
Operating Income 61.13 75.76 23.9 %
Net Income 58.28 70.40 20.8 %
Average Shares 32.50 32.50 -
EPS (Riyals) 1.79 2.17 20.8 %

The increase in net profit is driven by higher sales and favorable expense to sales ratio.

 

The company’s net sales in the quarter stood at SAR 566 million, up 16.6% from the same quarter last year. Milk sale (excluding Mlekoma) was up 27% and tomato paste sale was up 25% due to higher consumer base and longer at-home time spent. Ice cream sales were up 2%.

 

The company maintained healthy gross margin for the quarter at 32.4% versus 32.2% last year.

 

This was despite a higher sales and distribution costs of SAR 3 million, and higher general and administrative (G&A) expenses of SAR 8.7 million mainly as a result of Covid-19-related donations in Saudi Arabia, Kuwait, Jordan and Bahrain.

 

On a sequential basis, the company’s net profit declined by 4.7% due to donation contribution.

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