SADAFCO’s net profit rises 14% to SAR 140.7 mln in H1 2020/21

20/10/2020 Argaam Exclusive

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Saudia Dairy & Foodstuff Company (SADAFCO) reported a net profit after Zakat and tax of SAR 140.7 million for the first six-month period ended September 2020, a rise of 14% year-on-year (YoY) compared to a profit of SAR 123.4 million in the same period last year.

The increase was driven mainly by higher sales, lower cost of goods sold and lower trade promotion activity. This was partially offset by rising COVID-19 costs.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	1,006.31	1,101.39	9.4 %
Gross Income	333.25	360.22	8.1 %
Operating Income	128.35	148.28	15.5 %
Net Income	123.44	140.71	14.0 %
Average Shares	32.50	32.50	-
EPS (Riyals)	3.80	4.33	14.0 %

In Q2 2020/21, ending Sept. 30, the firm posted a net profit after Zakat and tax of SAR 70.3 million, a 7.9% YoY increase driven by higher sales and favorable expense-to-sales ratio.

Compared to the previous quarter, the Q2 2020/21 profits declined 0.4%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	521.08	535.40	2.7 %
Gross Income	176.78	176.92	0.1 %
Operating Income	67.22	72.52	7.9 %
Net Income	65.16	70.31	7.9 %
Average Shares	32.50	32.50	-
EPS (Riyals)	2.00	2.16	7.9 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	565.99	535.40	(5.4 %)
Gross Income	183.30	176.92	(3.5 %)
Operating Income	75.76	72.52	(4.3 %)
Net Income	70.40	70.31	(0.1 %)
Average Shares	32.50	32.50	-
EPS (Riyals)	2.17	2.16	(0.1 %)

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