Financial Results : Nofoth Food posts 24% profit jump to SAR 15.4 mln in H1 2022; Q2 at SAR 5.6 mln

Nofoth Food posts 24% profit jump to SAR 15.4 mln in H1 2022; Q2 at SAR 5.6 mln

20/11/2022 Argaam Exclusive

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Nofoth Food Products Co., which will list shares on Nomu-Parallel Market soon, reported a 24% rise in H1 2022 net profit to SAR 15.4 million, compared to SAR 12.4 million a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 80.91 135.72 67.7 %
Gross Income 37.91 72.28 90.7 %
Operating Income 11.41 15.40 34.9 %
Net Income 12.39 15.37 24.1 %
Average Shares 48.00 48.00 -
EPS (Riyals) 0.26 0.32 24.1 %

The growth was spurred by a 68% year-on-year (YoY) rise in revenue during the current period. Gross profit margins (GPM) expanded to 53% from 47% in the first half of 2021. The food retailer also incurred losses from an acquisition in H1 2021.

 

The higher profit came despite increased administrative and marketing expenses, finance costs Zakat provisions. This was paired with a decline in other income.

 

Net profit margins decreased to 11% in H1 2022, from 15% in the prior-year period.

 

The second-quarter net profit climbed 19% to SAR 5.6 million, from SAR 4.7 million in Q2 2021, driven by a 59% YoY surge in revenue. GPM rose to 51%, from 47% in Q2 2021. Nofoth also reported better other income during the three-month period.

 

This came despite an increase in administrative and marketing expenses, Zakat provisions and finance costs.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 80.91 135.72 67.7 %
Gross Income 37.91 72.28 90.7 %
Operating Income 11.41 15.40 34.9 %
Net Income 12.39 15.37 24.1 %
Average Shares 48.00 48.00 -
EPS (Riyals) 0.26 0.32 24.1 %

Total shareholders’ equity, no minority interest, rose to SAR 52.863 million as of June 30, 2022, compared to SAR 38.691 million in the year-earlier period.

 

The food retailer’s first-half revenue from application clients reached SAR 56.31 million, up from SAR 27.76 million in H1 2021.

 

Direct selling revenue hit SAR 76.99 million, compared to SAR 51.80 million in the first half of 2021.

 

Revenue from Enabah and Mamola applications jumped to SAR 2.43 million, from SAR 1.35 million in the year-ago period.

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 80.91 - 37.91 - 11.41 -
H2 2021 115.71 - 61.54 - 13.50 -
H1 2022 135.72 67.7 % 72.28 90.7 % 15.40 34.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 12.39 - 0.26 - 12.39 0.26
H2 2021 14.46 - 0.30 - 14.46 0.30
H1 2022 15.37 24.1 % 0.32 - 15.37 0.32

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 50.58 % 18.70 % 13.65 %
H1 2022 53.22 % 17.51 % 11.87 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 48.00 - - 0.54
H2 2021 48.00 0.56 0.56 0.81
H1 2022 48.00 0.62 0.62 1.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -

Business Segments (Million)

Compared With The
Period Food and Beverage Revenue Franchise Fee Revenue


Financial Ratios
Current
Market Cap (M Riyal) 854.40
Enterprise Value (EV) (M) 789.05
Shares Outstanding ((M)) 48.00
Book Value (BV) ( Riyal) 2.22
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 20.02
Price/book 8.03
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Share Price

Nofoth Food Products Co.
17.80
0.24 1.37 %

Nofoth Food Products Co. (NOFOTH)

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