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 List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
---|---|---|---|---|---|
Sales/Revenue | 717,880 | 668,197 | 7.435 | 687,887 | 4.36 |
Gross Profit (Loss) | 256,493 | 201,250 | 27.449 | 232,925 | 10.118 |
Operational Profit (Loss) | 121,097 | 91,034 | 33.023 | 95,966 | 26.187 |
Net profit (Loss) | 126,211 | 89,730 | 40.656 | 104,525 | 20.747 |
Total Comprehensive Income | 124,167 | 89,730 | 38.378 | 99,026 | 25.388 |
All figures are in (Thousands) Saudi Arabia, Riyals |
Element List | Current Period | Similar period for previous year | %Change |
---|---|---|---|
Total Share Holders Equity (After Deducting the Minority Equity) | 1,834,002 | 1,675,547 | 9.456 |
Profit (Loss) per Share | 3.95 | 2.83 | |
All figures are in (Thousands) Saudi Arabia, Riyals |
Element List | Percentage 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 List | Explanation |
---|---|
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 |
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