Financial Results : SADAFCO profit rises 26% to SAR 391.1M in 9M 2024; Q3 at SAR 137.1M

SADAFCO profit rises 26% to SAR 391.1M in 9M 2024; Q3 at SAR 137.1M

30/10/2024 Argaam Exclusive

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Saudia Dairy and Foodstuff Co. (SADAFCO) reported a net profit of SAR 391.1 million in the first nine months of 2024, leaping 26% from SAR 310.2 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 2,091.79 2,229.67 6.6 %
Gross Income 719.00 800.62 11.4 %
Operating Income 332.55 381.81 14.8 %
Net Income 313.46 391.07 24.8 %
Average Shares 32.50 32.50 -
EPS (Riyals) 9.64 12.03 24.8 %

The nine-month profit growth was spurred by strong sales, a favorable product mix, operational efficiency, higher finance income, and stable Polish operations.

 

The third-quarter net profit grew 21.5% to SAR 137.1 million, compared with SAR 112.8 million a year earlier, as all new channels reported double-digit growth during the three-month period.

 

Further, financing costs shed SAR 24.7 million year-on-year (YoY) in Q3 2024, with general and administrative expenses also down thanks to cost control and the restructuring of the Poland-based operations.

 

Q3 2024 earnings also rose 7.3% from SAR 127.8 million in the previous quarter, driven by the introduction of new products and the sound growth of the company’s Polish operations.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 744.36 789.62 6.1 %
Gross Income 282.33 275.91 (2.3 %)
Operating Income 137.81 129.33 (6.2 %)
Net Income 114.47 137.07 19.7 %
Average Shares 32.50 32.50 -
EPS (Riyals) 3.52 4.22 19.7 %

Total shareholders’ equity, after excluding minority interest, reached SAR 1.71 billion as of Sept. 30, 2024, compared to SAR 1.80 billion a year earlier.

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