Saudia Dairy & Foodstuff Company (SADAFCO) reported a net profit after Zakat and tax of SAR 260.9 million for the fiscal year ended March 31, 2021, a decline of 2% from a net profit of SAR 265.1 million a year earlier.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 2,056.09 | 2,105.40 | 2.4 % |
| Gross Income | 689.18 | 693.83 | 0.7 % |
| Operating Income | 287.77 | 276.53 | (3.9 %) |
| Net Income | 266.26 | 260.55 | (2.1 %) |
| Average Shares | 32.50 | 32.50 | - |
| EPS (Riyals) | 8.19 | 8.02 | (2.1 %) |
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 561.31 | 521.98 | (7.0 %) |
| Gross Income | 179.81 | 172.81 | (3.9 %) |
| Operating Income | 86.83 | 64.83 | (25.3 %) |
| Net Income | 74.50 | 56.08 | (24.7 %) |
| Average Shares | 32.50 | 32.50 | - |
| EPS (Riyals) | 2.29 | 1.73 | (24.7 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 482.02 | 521.98 | 8.3 % |
| Gross Income | 160.80 | 172.81 | 7.5 % |
| Operating Income | 63.42 | 64.83 | 2.2 % |
| Net Income | 63.77 | 56.08 | (12.1 %) |
| Average Shares | 32.50 | 32.50 | - |
| EPS (Riyals) | 1.96 | 1.73 | (12.1 %) |
The company was hit by the COVID-19 pandemic impact. Adjusting for the impact of the pandemic costs and donations, net profit would have been higher by 7.5%, or SAR 24 million.
Moreover, general and administrative expenses increased as a percentage of sales to 5.2% from 4.9% last year (SAR 101 million to SAR 109 million in absolute terms) driven by SAR 8.7 million donation in cash and kind.
Finance costs also increased to SAR 7.7 million from SAR 3.8 million a year earlier, due to lease and put options on non-controlling interest liabilities.
The fourth-quarter net profit dropped 23% year-on-year (YoY) to SAR 56.4 million.
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