SADAFCO’s net profit rises 7% to SAR 205 mln in 9M 2020/21

21/01/2021 Argaam Exclusive

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Saudia Dairy & Foodstuff Company (SADAFCO) reported a net profit after Zakat and tax of SAR 205 million for the first nine-month period ended Dec. 31, 2020, a rise of 7% compared to a net profit of SAR 191.1 million a year earlier.

The increase was driven by higher sales, lower cost of goods sold and lower trade promotion activity. This was partially offset by incremental COVID-19 costs of SAR 12.5 million and a donation of SAR 8.7 million.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	1,494.78	1,583.41	5.9 %
Gross Income	509.37	521.02	2.3 %
Operating Income	200.94	211.70	5.4 %
Net Income	191.77	204.47	6.6 %
Average Shares	32.50	32.50	-
EPS (Riyals)	5.90	6.29	6.6 %

In Q3 2020/21, the company posted a net profit after Zakat and tax of SAR 64.2 million, a decline of 6% YoY, due to lower sales and lower gross margins which were partially offset by decreased expenses.

When compared to the previous quarter, net earnings dropped 8.7%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	488.47	482.02	(1.3 %)
Gross Income	176.12	160.80	(8.7 %)
Operating Income	72.58	63.42	(12.6 %)
Net Income	68.32	63.77	(6.7 %)
Average Shares	32.50	32.50	-
EPS (Riyals)	2.10	1.96	(6.7 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	535.40	482.02	(10.0 %)
Gross Income	176.92	160.80	(9.1 %)
Operating Income	72.52	63.42	(12.6 %)
Net Income	70.31	63.77	(9.3 %)
Average Shares	32.50	32.50	-
EPS (Riyals)	2.16	1.96	(9.3 %)

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