SADAFCO’s net profit up 52% to SAR 139.9 mln in H1 2022/2023; Q2 profit surges 58% to SAR 85.6 mln

23/10/2022 Argaam Exclusive

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Saudia Dairy and Foodstuff Co. (SADAFCO) reported a net profit after Zakat and tax of SAR 139.9 million for H1 2022/2023 ended Sept. 30, 2022, a 52% year-on-year (YoY) increase, compared to a SAR 92.2 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	1,022.48	1,325.82	29.7 %
Gross Income	312.02	425.49	36.4 %
Operating Income	101.47	203.03	100.1 %
Net Income	92.21	139.88	51.7 %
Average Shares	32.50	32.50	-
EPS (Riyals)	2.84	4.30	51.7 %

The profit increase is attributed to higher sales driven by increasing sales routes and distribution of more freezers all over the kingdom and higher selling prices for select stock keeping unit (SKUs).

Meanwhile, the gross margin increased (32.1% vs. 30.5%) despite the higher raw material costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	530.08	694.49	31.0 %
Gross Income	161.54	223.29	38.2 %
Operating Income	57.69	113.66	97.0 %
Net Income	54.06	85.55	58.3 %
Average Shares	32.50	32.50	-
EPS (Riyals)	1.66	2.63	58.3 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	631.33	694.49	10.0 %
Gross Income	202.21	223.29	10.4 %
Operating Income	89.38	113.66	27.2 %
Net Income	54.33	85.55	57.5 %
Average Shares	32.50	32.50	-
EPS (Riyals)	1.67	2.63	57.5 %

In Q2 2022/2023, net profit after Zakat and tax saw a 58% YoY surge to SAR 85.6 million, from SAR 54.1 million.

Compared to Q1 2022/2023, net profit rose 58% from SAR 54.3 million.

Shareholders’ equity, after minority interest, rose to SAR 1.581 billion as of Sept. 30, 2022, from SAR 1.532 billion in the year-earlier period.

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