Saudia Dairy and Foodstuff Co. (SADAFCO) reported a net profit after Zakat and tax of SAR 207.3 million for the fiscal year ended on March 31, 2022, a drop of 20% from SAR 260.6 million in the year-earlier period.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 2,105.40 | 2,170.33 | 3.1 % |
| Gross Income | 693.83 | 656.63 | (5.4 %) |
| Operating Income | 276.53 | 230.57 | (16.6 %) |
| Net Income | 260.55 | 207.29 | (20.4 %) |
| Average Shares | 32.50 | 32.50 | - |
| EPS (Riyals) | 8.02 | 6.38 | (20.4 %) |
The profit drop was ascribed to a rise in the costs of key raw materials, increased local and international logistics costs, and reduced purchasing power of consumers due to the full-year impact of a 15% VAT, compared to nine months last year.
Moreover, selling and distribution expenses as a percentage of total sales rose to 14%, accounting for SAR 311 million, compared to SAR 307 million in the previous fiscal year.
General and administrative expenses increased to 5% of total sales, or SAR 113 million compared to SAR 109 million last year.
SADAFCO also cited a decline in other operating income, which represents profit from scrap sales, lower finance income, along with an increase in Zakat and income tax.
On the other hand, sales grew by 3% year-on-year (YoY) to SAR 2.170 billion. Impairment losses on financial assets (provision for trade receivables) decreased to SAR 1.2 million from SAR 2.1 million a year earlier.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 521.98 | 627.94 | 20.3 % |
| Gross Income | 172.81 | 184.52 | 6.8 % |
| Operating Income | 64.83 | 69.85 | 7.7 % |
| Net Income | 56.08 | 61.44 | 9.6 % |
| Average Shares | 32.50 | 32.50 | - |
| EPS (Riyals) | 1.73 | 1.89 | 9.6 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 519.91 | 627.94 | 20.8 % |
| Gross Income | 160.10 | 184.52 | 15.3 % |
| Operating Income | 59.25 | 69.85 | 17.9 % |
| Net Income | 53.65 | 61.44 | 14.5 % |
| Average Shares | 32.50 | 32.50 | - |
| EPS (Riyals) | 1.65 | 1.89 | 14.5 % |
Shareholders’ equity, excluding minority rights, reached SAR 1.540 billion by the end of the fiscal year, compared to SAR 1.533 billion a year earlier.
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