Financial Results : Al-Jouf Agricultural net profit plunges 59% to SAR 10.6 mln in 9M 2021

Al-Jouf Agricultural net profit plunges 59% to SAR 10.6 mln in 9M 2021

07/11/2021 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported a net profit after Zakat and tax of SAR 10.6 million for 9M 2021, down 59% from SAR 26.1 million a year earlier.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 167.15 216.87 29.7 %
Gross Income 52.91 48.16 (9.0 %)
Operating Income 23.80 12.60 (47.0 %)
Net Income 26.07 10.60 (59.3 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items 0.02 0.35 1643.6 %
EPS (Riyals) 0.87 0.35 (59.3 %)

The profit decline came due to the positive impact of land ownership treatment in 2020. The company also noted higher selling and distribution costs, and general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 49.05 99.81 103.5 %
Gross Income 4.77 18.93 297.2 %
Operating Income (8.03) 5.41 167.4 %
Net Income 7.65 3.32 (56.6 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (0.59) 0.11 118.6 %
EPS (Riyals) 0.25 0.11 (56.6 %)

The net profit after Zakat and tax dropped 57% year-on-year (YoY) to SAR 3.3 million.

 

On a sequential basis, Q3 net profit fell 3.7% from SAR 3.45 million.

 

Shareholders’ equity, after minority interest, decreased to SAR 618.736 million as of Sept. 30, 2021 from SAR 622.310 million a year earlier.

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