SADAFCO

09 May, 2024 15:58

Saudia Dairy and Foodstuff Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 717,880668,1977.435687,8874.36
Gross Profit (Loss) 256,493201,25027.449232,92510.118
Operational Profit (Loss) 121,09791,03433.02395,96626.187
Net profit (Loss) 126,21189,73040.656104,52520.747
Total Comprehensive Income 124,16789,73038.37899,02625.388
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (After Deducting the Minority Equity) 1,834,0021,675,5479.456
Profit (Loss) per Share 3.952.83
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListPercentage of the capital (%)Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
Accumulated Losses --
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is Sales of SAR 718 Mln versus SAR 668 Mln last year represents a 7.4% increase. This has been achieved driven mainly by volume and market share gain across all categories, as explained below. This increase was achieved in an environment of increasing competitive intensity.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net profit of SAR 126.2 Mln is higher by 40.7% vs last year’s SAR 89.7 Mln as a result of: • Gross margin increase (36% vs. 30%) because of lower raw material costs, cost efficiencies in the factories favorable product and mix. The gross margin (excluding Mlekoma’s results) is 40%. • Selling & distribution expenses maintained at 15.0% of net sales vs 14.6% versus last year. In absolute terms the increase of SAR 9.5 in S&D expenses has been driven by our continuous A&P spend (SAR 25 Mln) for brand building and investment in distribution expansion via new routes, sales vans and ice cream freezer deployment. • General & administrative expenses at 3.7% of sales are at the same level as last year. In absolute terms the increase is SAR 1.6 Mln is mainly employee related. • Finance income increased by SAR 6.0 Mln because of increase in deposit rates. • Finance costs represents interest on leased assets. • Zakat and Tax expense is based on Zakat base. • Net profit margin is 17.6% vs 13.4% last year. Before Mlekoma’s results the net profit margin is 20.3%. • Mlekoma’s gross margin has improved to SAR 1.7 Mln compared to a loss last year.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is SADAFCO’S performance comparing to last quarter is analyzed as follows: • Sales are higher by SAR 29.9 Mln representing a 4.4% increase driven mainly by volume and market share gain across all categories.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is • Net profit of SAR 126.2 Mln is higher by 20.75% vs last quarter’s SAR 104.5 Mln. • Gross margin as percentage of sales increased by SAR 23.5 Mln (35.7% vs. 33.9%) because of lower raw material costs, favorable product and category mix and cost efficiencies in the factories.
Statement of the type of external auditor's report Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) None
Reclassification of Comparison Items Certain comparative figures have been reclassified to conform to the current period’s presentation.
Additional Information SADAFCO’s strong results is an evidence of our sustained focus on our purpose and mission which facilitated the following: • Our investments in selling and distribution have fueled growth and market shares dominance continues with positive trending lines vs (last year) at: Milk 63.0% (62.6%), Tomato Paste 53.2% (51.1%) and Ice cream 32.0% (30.1%). • We continue to delight our consumers through new offerings. During the quarter 5 new flavors of Ice Cream were launched. • SADAFCO’s aim is to invest in sales and distribution channels to drive growth and expand market presence. • Poland’s operations profitability continues to improve compared to last year and return to its normal B2B margins. At the beginning of 2024 businesses have been impacted by two headwinds: • Red Sea blockade continues to be a disruption to our business and to mitigate its effect we have purchased higher inventory. • Civil work on new Yanbu Depot project is in progress for completion this year. • We continue to generate positive cashflows. Our cash position (including investments) is SAR 0.8bln. • SADAFCO has distributed a dividend of SAR 6 per share and has proposed for AGM’s approval an additional SAR 6 per share. • Shareholders’ equity at a healthy 1.834 Bln vs 1.675 Bln on 31 Mar 2024 vs. last year. • The earnings per share is computed as follows: Profit attributable to owners of SADAFCO SAR 126,211,000 Total shares 32,500,000 Treasury shares held by the Company 500,250 Total shares outstanding 31,999,750 EPS 3.95

Other Announcements

KEIR
2024-05-20

Keir International Invites its Shareholders to Attend the Extraordinary General Assembly Meeting (First Meeting) via modern technology.

Read More
RETAL
2024-05-20

Retal Urban Development Company Announces the signing of a contract awarded to one of its Subsidiaries related to the Development, Design, and Build the master plan and development of 1,962 residential units in Dhahran worth 2.892 Billion Saudi Riyal with Roshn Group

Read More
NAQI
2024-05-20

Naqi Water Co. Announces Appointment Audit Committee Member

Read More