Financial Results : SADAFCO posts 49% profit rise to SAR 310.5 mln in FY 2022/23; Q4 at SAR 92.1 mln

SADAFCO posts 49% profit rise to SAR 310.5 mln in FY 2022/23; Q4 at SAR 92.1 mln

15/06/2023 Argaam Exclusive

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Saudia Dairy and Foodstuff Co. (SADAFCO) reported a 49% leap in net profit to SAR 310.5 million for the fiscal year ended March 31, 2023, compared to SAR 209.1 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 2,170.33 2,648.01 22.0 %
Gross Income 656.63 822.71 25.3 %
Operating Income 230.57 369.21 60.1 %
Net Income 207.29 308.77 49.0 %
Average Shares 32.50 32.50 -
EPS (Riyals) 6.38 9.50 49.0 %

The annual profit growth was driven by a 22% year-on-year (YoY), or SAR 478 million, jump in sales volume and value across the board. The gross profit margin expanded to 31.1% during the 12-month period from 30.3% in the prior-year period despite higher raw material prices and logistics costs.

 

Selling and distribution expenses as a percentage of sales declined to 13.3% from 14.3% in FY 2022/23. General and administrative expenses as a percentage of sales decreased to 4.3% from 5.2% in FY 2022/23. Finance income significantly increased to SAR 18.5 million. On the other hand, financing costs increased by SAR 43 million YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 627.94 - -
Gross Income 184.52 - -
Operating Income 69.85 - -
Net Income 61.44 - -
Average Shares 32.50 - -
EPS (Riyals) 1.89 - -

The fourth-quarter net profit leapfrogged 46% YoY to SAR 92.1 million.

 

Total shareholders’ equity, after minority interest, rose to SAR 1.65 billion by the end of the 12-month period, compared to SAR 1.54 billion a year earlier.

 

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