FADECO’s net profit rises 59% to SAR 6M in 2023

26/03/2024 Argaam Exclusive

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Arabian Food and Dairy Factories Co. (FADECO) reported a net profit of SAR 6 million for 2023, a 59% hike from SAR 3.8 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	58.04	62.19	7.2 %
Gross Income	23.37	28.77	23.1 %
Operating Income	4.08	6.07	48.5 %
Net Income	3.77	6.00	59.0 %
Average Shares	1.41	1.41	-
EPS (Riyals)	2.68	4.25	59.0 %

The profit jump was fuelled by expansion of sales points in Saudi Arabia, lower price of raw materials and higher sales volumes.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	30.91	32.17	4.1 %
Gross Income	12.89	15.25	18.3 %
Operating Income	3.99	3.93	(1.6 %)
Net Income	3.97	3.91	(1.5 %)
Average Shares	1.41	1.41	-
EPS (Riyals)	2.82	2.77	(1.5 %)

Item	H1 2023	H2 2023	Change‬
Revenues	30.02	32.17	7.1 %
Gross Income	13.51	15.25	12.9 %
Operating Income	2.14	3.93	83.6 %
Net Income	2.09	3.91	87.5 %
Average Shares	1.41	1.41	-
EPS (Riyals)	1.48	2.77	87.5 %

Total shareholders’ equity, no minority interest, stood at SAR 31.71 million by Dec. 31, 2023, compared to SAR 28.96 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR /share)
H1 2020	24.42	3.75	2.66
H2 2020	29.03	5.63	3.99
H1 2021	24.80	3.48	2.47
H2 2021	27.44	2.54	1.80
H1 2022	27.13	(0.20)	(0.14)
H2 2022	30.91	3.97	2.82
H1 2023	30.02	2.09	1.48
H2 2023	32.17	3.91	2.77

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
H2 2022	30.91	12.6 %	12.89	23.7 %	3.99	65.1 %
2022	58.04	11.1 %	23.37	6.0 %	4.08	(32.3 %)
H1 2023	30.02	10.7 %	13.51	28.9 %	2.14	2202.7 %
H2 2023	32.17	4.1 %	15.25	18.3 %	3.93	(1.6 %)
2023	62.19	7.2 %	28.77	23.1 %	6.07	48.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2022	58.04	11.1 %	23.37	6.0 %	4.08	(32.3 %)
2023	62.19	7.2 %	28.77	23.1 %	6.07	48.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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)
H2 2022	3.97	56.5 %	2.82	-	3.97	2.82
2022	3.77	(37.3 %)	2.68	-	3.77	2.68
H1 2023	2.09	1149.5 %	1.48	-	2.09	1.48
H2 2023	3.91	(1.5 %)	2.77	-	3.91	2.77
2023	6.00	59.0 %	4.25	-	6.00	4.25

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2022	3.77	(37.3 %)	2.68	-	3.77	2.68
2023	6.00	59.0 %	4.25	-	6.00	4.25

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
H2 2022	40.27 %	13.29 %	6.50 %
2022	40.27 %	13.29 %	6.50 %
H1 2023	43.33 %	15.80 %	9.94 %
H2 2023	46.25 %	15.38 %	9.64 %
2023	46.25 %	15.38 %	9.64 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	40.27 %	13.29 %	6.50 %
2023	46.25 %	15.38 %	9.64 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
H2 2022	41.70 %	18.56 %	12.85 %
H1 2023	45.00 %	12.96 %	6.95 %
H2 2023	47.42 %	17.63 %	12.16 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
H2 2022	1.41	2.68	2.68	20.54
H1 2023	1.41	4.30	4.30	20.86
H2 2023	1.41	4.25	4.25	22.49

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	1.41	2.68	2.68	20.54
2023	1.41	4.25	4.25	22.49

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
H2 2022	34.01	34.01	4.43
H1 2023	25.28	25.28	5.21
H2 2023	21.74	21.74	4.11

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	34.01	34.01	4.43
2023	21.74	21.74	4.11

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
2022	52.83	5.21
2023	55.84	6.35

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’s net profit rises 59% to SAR 6M in 2023

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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) 2023 Q4

Financial Ratios

Share Price

Arabian Food and Dairy Factories Co. (FADECO)

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FADECO’s net profit rises 59% to SAR 6M in 2023

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) 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Arabian Food and Dairy Factories Co. (FADECO)

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Business Segments (Million)