FADECO turns to SAR 199,000 loss in H1 2022

31/08/2022 Argaam Exclusive

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Arabian Food and Dairy Factories Co. (FADECO) swung to a net loss after Zakat and tax of SAR 199,000 in H1 2022, against a net profit of SAR 3.5 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	24.80	27.13	9.4 %
Gross Income	11.62	10.48	(9.8 %)
Operating Income	3.62	0.09	(97.4 %)
Net Income	3.48	(0.20)	(105.7 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	2.47	(0.14)	(105.7 %)

The first-half losses were incurred as profit margins dropped to 39% from 47% in H1 2021, due to the high cost of raw materials and higher wages.

Distribution and marketing expenses increased as a percentage of sales rose to 26.76% compared to 24.58% in H1 2021. General and administrative expenses (G&A) as a percentage of sales increased to 8.24% in the current period, from 7.66% last year.

The negative results came despite a rise of 9.40% year-on-year (YoY) in the company’s sales, backed by expansions in new areas, reliance on electronic marketing channels and access to a larger segment of individual customers through delivery platforms.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	24.80	27.13	9.4 %
Gross Income	11.62	10.48	(9.8 %)
Operating Income	3.62	0.09	(97.4 %)
Net Income	3.48	(0.20)	(105.7 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	2.47	(0.14)	(105.7 %)

Item	H2 2021	H1 2022	Change‬
Revenues	27.44	27.13	(1.1 %)
Gross Income	10.42	10.48	0.6 %
Operating Income	2.42	0.09	(96.2 %)
Net Income	2.54	(0.20)	(107.8 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	1.80	(0.14)	(107.8 %)

Shareholders’ equity, after minority interest, decreased to SAR 25.995 million as of June 30, 2022, from SAR 28.102 million a year earlier.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	50.53	-	22.94	-	9.04	-
H1 2020	24.42	-	11.18	-	4.00	-
H2 2020	29.02	-	13.84	-	5.85	-
2020	53.45	5.8 %	25.01	9.0 %	9.85	8.9 %
H1 2021	24.80	1.5 %	11.62	3.9 %	3.62	(9.5 %)
H2 2021	27.44	(5.4 %)	10.42	(24.7 %)	2.42	(58.7 %)
2021	52.24	(2.3 %)	22.04	(11.9 %)	6.04	(38.7 %)
H1 2022	27.13	9.4 %	10.48	(9.8 %)	0.09	(97.4 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	50.53	-	22.94	-	9.04	-
2020	53.45	5.8 %	25.01	9.0 %	9.85	8.9 %
2021	52.24	(2.3 %)	22.04	(11.9 %)	6.04	(38.7 %)

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	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	8.35	-	5.93	-	8.35	5.93
H1 2020	3.75	-	2.66	-	3.75	2.66
H2 2020	5.63	-	4.00	-	5.63	4.00
2020	9.38	12.3 %	6.65	-	9.38	6.65
H1 2021	3.48	(7.1 %)	2.47	-	3.48	2.47
H2 2021	2.54	(54.9 %)	1.80	-	2.54	1.80
2021	6.02	(35.8 %)	4.27	-	6.02	4.27
H1 2022	(0.20)	(105.7 %)	(0.14)	-	(0.20)	(0.14)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	8.35	-	5.93	-	8.35	5.93
2020	9.38	12.3 %	6.65	-	9.38	6.65
2021	6.02	(35.8 %)	4.27	-	6.02	4.27

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	45.41 %	24.31 %	16.53 %
H1 2020	-	-	-
H2 2020	46.80 %	-	17.55 %
2020	46.80 %	24.54 %	17.55 %
H1 2021	47.29 %	21.14 %	16.93 %
H2 2021	42.19 %	18.58 %	11.52 %
2021	42.19 %	18.58 %	11.52 %
H1 2022	38.30 %	11.28 %	4.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	45.41 %	24.31 %	16.53 %
2020	46.80 %	24.54 %	17.55 %
2021	42.19 %	18.58 %	11.52 %

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	45.77 %	-	15.34 %
H2 2020	47.68 %	-	19.41 %
H1 2021	46.84 %	22.29 %	14.03 %
H2 2021	37.98 %	15.23 %	9.25 %
H1 2022	38.63 %	7.29 %	(0.73 %)

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	1.41	-	-	-
H2 2020	1.41	6.65	6.65	19.54
H1 2021	1.41	6.46	6.46	20.94
H2 2021	1.41	4.27	4.27	19.93
H1 2022	1.41	1.66	1.66	18.44

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	1.41	5.93	5.93	17.76
2020	1.41	6.65	6.65	19.54
2021	1.41	4.27	4.27	19.93

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	More than 100	More than 100	9.34

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-

Business Segments (Million)

Compared With The

Period	Retail outlet customer	Corporate customers

Period	Retail outlet customer	Corporate customers
2019	44.91	5.62
2020	47.92	5.53
2021	49.03	3.21

Financial Ratios

	Current
Market Cap (M Riyal)	126.90
Enterprise Value (EV) (M)	118.39
Shares Outstanding ((M))	1.41
Book Value (BV) ( Riyal)	22.49
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	21.16
Price/book	4.00

Arabian Food and Dairy Factories Co. (FADECO)

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FADECO turns to SAR 199,000 loss in H1 2022

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Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Arabian Food and Dairy Factories Co. (FADECO)

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FADECO turns to SAR 199,000 loss in H1 2022

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Arabian Food and Dairy Factories Co. (FADECO)

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Business Segments (Million)