Al-Jouf Agricultural 2023 profit rises 21% to SAR 62M; Q4 at SAR 16.5M

24/03/2024 Argaam Exclusive

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Al-Jouf Agricultural Development Co. posted a 21% profit leap in 2023 to SAR 62 million, compared to SAR 51.1 million in the year-earlier period.

Financials (M)

Item	2022	2023	Change‬
Revenues	342.00	426.44	24.7 %
Gross Income	120.29	126.35	5.0 %
Operating Income	56.70	56.17	(0.9 %)
Net Income	51.07	61.97	21.4 %
Average Shares	30.00	30.00	-
EPS (Riyals)	1.70	2.07	21.4 %

The annual earnings were driven by better sales on increased sales volumes and a rise of SAR 9 million in the profits from investments at fair value.

On the other hand, selling, general and administrative expenses, as well as distribution costs increased. The company also reported higher Zakat charges.

The fourth-quarter net earnings soared 80% to SAR 16.5 million from SAR 9.1 million in Q4 2022.

On a sequential basis, the bottom line dropped 20.4% from SAR 20.7 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	82.21	114.52	39.3 %
Gross Income	24.27	26.52	9.3 %
Operating Income	9.82	8.40	(14.4 %)
Net Income	9.17	16.48	79.8 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.31	0.55	79.8 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	149.57	114.52	(23.4 %)
Gross Income	43.04	26.52	(38.4 %)
Operating Income	21.43	8.40	(60.8 %)
Net Income	20.72	16.48	(20.4 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.69	0.55	(20.4 %)

Shareholders’ equity, no minority interest, rose to SAR 718.6 million as of Dec. 31, 2023, from SAR 667.53 million a year earlier.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	46.84	23.2 %	15.94	11.5 %	5.19	(36.1 %)	0.17
Q2 2014	69.11	(3.1 %)	33.15	(0.8 %)	27.75	20.3 %	0.93
Q3 2014	124.13	2.4 %	51.25	1.5 %	37.15	8.1 %	1.24
Q4 2014	110.23	(0.2 %)	51.53	(5.1 %)	37.03	1.4 %	1.23
2014	350.31	2.7 %	151.86	(0.4 %)	107.01	4.8 %	3.57
Q1 2015	53.18	13.5 %	18.28	14.7 %	8.62	66.1 %	0.29
Q2 2015	74.26	7.4 %	31.70	(4.4 %)	20.16	(27.4 %)	0.67
Q3 2015	123.03	(0.9 %)	57.47	12.1 %	43.35	16.7 %	1.45
Q4 2015	118.49	7.5 %	14.56	(71.7 %)	0.26	(99.3 %)	0.01
2015	368.95	5.3 %	122.01	(19.7 %)	72.40	(32.3 %)	2.41
Q1 2016	56.31	5.9 %	19.17	4.8 %	8.81	2.2 %	0.29
Q2 2016	74.58	0.4 %	34.78	9.7 %	22.93	13.7 %	0.76
Q3 2016	120.83	(1.8 %)	47.45	(17.4 %)	32.89	(24.1 %)	1.10
Q4 2016	128.50	8.4 %	30.82	111.7 %	3.53	1240.7 %	0.12
2016	380.21	3.1 %	132.22	8.4 %	68.15	(5.9 %)	2.27
Q1 2017	48.20	(14.4 %)	13.26	(30.8 %)	8.11	(8.0 %)	0.27
Q2 2017	67.21	(9.9 %)	22.25	(36.0 %)	7.71	(66.4 %)	0.26
Q3 2017	114.03	(5.6 %)	23.46	(50.6 %)	11.47	(65.1 %)	0.38
Q4 2017	76.18	(40.7 %)	15.42	(50.0 %)	(1.69)	(148.0 %)	(0.06)
2017	305.62	(19.6 %)	74.39	(43.7 %)	25.60	(62.4 %)	0.85
Q1 2018	41.64	(13.6 %)	(14.92)	(212.6 %)	(23.96)	(395.4 %)	(0.80)
Q2 2018	79.94	18.9 %	43.12	93.8 %	26.05	237.9 %	0.87
Q3 2018	126.24	10.7 %	44.18	88.3 %	22.55	96.6 %	0.75
Q4 2018	111.12	45.9 %	31.00	101.0 %	11.11	757.0 %	0.37
2018	358.93	17.4 %	103.38	39.0 %	35.76	39.7 %	1.19
Q1 2019	49.64	19.2 %	16.00	207.2 %	6.53	127.3 %	0.22
Q2 2019	44.69	(44.1 %)	9.39	(78.2 %)	1.16	(95.5 %)	0.04
Q3 2019	66.98	(46.9 %)	5.74	(87.0 %)	(6.43)	(128.5 %)	(0.21)
Q4 2019	63.13	(43.2 %)	9.37	(69.8 %)	(22.06)	(298.6 %)	(0.74)
2019	224.45	(37.5 %)	40.49	(60.8 %)	(20.80)	(158.2 %)	(0.69)
Q1 2020	46.13	(7.1 %)	19.16	19.8 %	6.54	0.2 %	0.22
Q2 2020	71.97	61.0 %	28.98	208.7 %	11.87	920.0 %	0.40
Q3 2020	49.05	(26.8 %)	4.77	(16.9 %)	7.65	218.9 %	0.25
Q4 2020	56.06	(11.2 %)	11.38	21.4 %	1.76	108.0 %	0.06
2020	223.21	(0.6 %)	64.29	58.8 %	27.83	233.8 %	0.93
Q1 2021	61.36	33.0 %	12.48	(34.9 %)	3.84	(41.4 %)	0.13
Q2 2021	55.70	(22.6 %)	16.75	(42.2 %)	3.45	(71.0 %)	0.11
Q3 2021	99.81	103.5 %	18.93	297.2 %	3.32	(56.6 %)	0.11
Q4 2021	95.79	70.9 %	20.34	78.8 %	6.77	284.4 %	0.23
2021	312.66	40.1 %	68.50	6.6 %	17.37	(37.6 %)	0.58
Q1 2022	60.41	(1.6 %)	31.88	155.5 %	15.23	297.0 %	0.51
Q2 2022	64.03	14.9 %	20.14	20.2 %	6.83	98.2 %	0.23
Q3 2022	135.35	35.6 %	44.00	132.4 %	19.84	497.8 %	0.66
Q4 2022	82.21	(14.2 %)	24.27	19.3 %	9.17	35.3 %	0.31
2022	342.00	9.4 %	120.29	75.6 %	51.07	193.9 %	1.70
Q1 2023	104.44	72.9 %	37.81	18.6 %	20.08	31.8 %	0.67
Q2 2023	57.90	(9.6 %)	18.98	(5.8 %)	4.70	(31.2 %)	0.16
Q3 2023	149.57	10.5 %	43.04	(2.2 %)	20.72	4.4 %	0.69
Q4 2023	114.52	39.3 %	26.52	9.3 %	16.48	79.8 %	0.55
2023	426.44	24.7 %	126.35	5.0 %	61.97	21.4 %	2.07

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	350.31	2.7 %	151.86	(0.4 %)	107.01	4.8 %	3.57
2015	368.95	5.3 %	122.01	(19.7 %)	72.40	(32.3 %)	2.41
2016	380.21	3.1 %	132.22	8.4 %	68.15	(5.9 %)	2.27
2017	305.62	(19.6 %)	74.39	(43.7 %)	25.60	(62.4 %)	0.85
2018	358.93	17.4 %	103.38	39.0 %	35.76	39.7 %	1.19
2019	224.45	(37.5 %)	40.49	(60.8 %)	(20.80)	(158.2 %)	(0.69)
2020	223.21	(0.6 %)	64.29	58.8 %	27.83	233.8 %	0.93
2021	312.66	40.1 %	68.50	6.6 %	17.37	(37.6 %)	0.58
2022	342.00	9.4 %	120.29	75.6 %	51.07	193.9 %	1.70
2023	426.44	24.7 %	126.35	5.0 %	61.97	21.4 %	2.07

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	44.07 %	44.73 %	26.13 %
Q2 2014	44.28 %	45.76 %	27.64 %
Q3 2014	44.12 %	46.76 %	28.21 %
Q4 2014	43.35 %	48.71 %	30.58 %
2014	43.35 %	48.70 %	30.55 %
Q1 2015	43.24 %	48.65 %	31.00 %
Q2 2015	42.22 %	47.30 %	28.46 %
Q3 2015	44.08 %	49.60 %	30.26 %
Q4 2015	33.07 %	38.57 %	19.62 %
2015	33.07 %	38.57 %	19.62 %
Q1 2016	33.03 %	39.44 %	19.51 %
Q2 2016	33.83 %	40.83 %	20.23 %
Q3 2016	31.32 %	38.76 %	17.53 %
Q4 2016	34.78 %	32.03 %	17.92 %
2016	34.78 %	32.03 %	17.92 %
Q1 2017	33.95 %	32.41 %	18.13 %
Q2 2017	31.20 %	31.24 %	15.01 %
Q3 2017	25.09 %	26.65 %	9.31 %
Q4 2017	24.34 %	33.60 %	9.20 %
2017	24.34 %	33.60 %	9.20 %
Q1 2018	15.45 %	22.16 %	(1.33 %)
Q2 2018	21.52 %	27.29 %	3.81 %
Q3 2018	27.10 %	30.56 %	7.09 %
Q4 2018	28.80 %	35.35 %	9.96 %
2018	28.80 %	35.35 %	9.96 %
Q1 2019	36.60 %	42.45 %	18.05 %
Q2 2019	30.32 %	34.34 %	12.47 %
Q3 2019	22.80 %	25.49 %	4.54 %
Q4 2019	18.04 %	19.14 %	(1.94 %)
2019	18.04 %	19.14 %	(1.94 %)
Q1 2020	19.76 %	19.77 %	(1.97 %)
Q2 2020	25.48 %	24.20 %	2.56 %
Q3 2020	27.05 %	24.30 %	(2.18 %)
Q4 2020	28.80 %	22.30 %	1.06 %
2020	28.80 %	22.30 %	1.06 %
Q1 2021	24.16 %	17.28 %	(0.14 %)
Q2 2021	20.42 %	10.69 %	(3.95 %)
Q3 2021	21.81 %	13.53 %	4.53 %
Q4 2021	21.91 %	17.38 %	5.56 %
2021	21.91 %	17.38 %	5.56 %
Q1 2022	28.20 %	22.36 %	9.23 %
Q2 2022	28.52 %	23.50 %	10.05 %
Q3 2022	32.72 %	26.22 %	13.69 %
Q4 2022	35.17 %	28.46 %	14.93 %
2022	35.17 %	28.46 %	14.93 %
Q1 2023	32.70 %	26.71 %	14.48 %
Q2 2023	32.92 %	27.31 %	14.16 %
Q3 2023	31.49 %	26.91 %	13.87 %
Q4 2023	29.63 %	24.76 %	12.42 %
2023	29.63 %	24.76 %	12.42 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	43.35 %	48.70 %	30.55 %
2015	33.07 %	38.57 %	19.62 %
2016	34.78 %	32.03 %	17.92 %
2017	24.34 %	33.60 %	9.20 %
2018	28.80 %	35.35 %	9.96 %
2019	18.04 %	19.14 %	(1.94 %)
2020	28.80 %	22.30 %	1.06 %
2021	21.91 %	17.38 %	5.56 %
2022	35.17 %	28.46 %	14.93 %
2023	29.63 %	24.76 %	12.42 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	34.04 %	45.66 %	11.09 %
Q2 2014	47.96 %	57.43 %	40.16 %
Q3 2014	41.28 %	44.23 %	29.93 %
Q4 2014	46.75 %	49.60 %	33.59 %
Q1 2015	34.37 %	45.58 %	16.21 %
Q2 2015	42.69 %	50.27 %	27.15 %
Q3 2015	46.71 %	50.95 %	35.24 %
Q4 2015	12.29 %	15.23 %	0.22 %
Q1 2016	34.04 %	50.97 %	15.65 %
Q2 2016	46.64 %	57.14 %	30.74 %
Q3 2016	39.27 %	44.82 %	27.22 %
Q4 2016	23.99 %	(2.87 %)	2.74 %
Q1 2017	27.50 %	57.06 %	16.83 %
Q2 2017	33.11 %	53.50 %	15.19 %
Q3 2017	20.57 %	31.24 %	10.06 %
Q4 2017	20.24 %	4.73 %	(2.22 %)
Q1 2018	(35.83 %)	(21.37 %)	(57.53 %)
Q2 2018	53.94 %	68.52 %	32.59 %
Q3 2018	35.00 %	39.23 %	17.87 %
Q4 2018	27.89 %	28.33 %	10.00 %
Q1 2019	32.22 %	40.25 %	13.15 %
Q2 2019	21.01 %	28.92 %	2.60 %
Q3 2019	8.57 %	7.54 %	(9.60 %)
Q4 2019	14.84 %	7.92 %	(8.91 %)
Q1 2020	41.55 %	44.87 %	14.19 %
Q2 2020	40.27 %	40.73 %	16.50 %
Q3 2020	9.72 %	1.94 %	(36.31 %)
Q4 2020	20.29 %	(2.14 %)	3.14 %
Q1 2021	20.34 %	19.79 %	6.25 %
Q2 2021	30.07 %	21.28 %	6.18 %
Q3 2021	18.97 %	14.15 %	3.33 %
Q4 2021	21.23 %	16.93 %	7.07 %
Q1 2022	52.77 %	45.54 %	25.21 %
Q2 2022	31.45 %	27.13 %	10.66 %
Q3 2022	32.51 %	23.73 %	14.66 %
Q4 2022	29.52 %	24.73 %	11.15 %
Q1 2023	36.20 %	31.87 %	19.22 %
Q2 2023	32.77 %	31.11 %	8.11 %
Q3 2023	28.78 %	23.01 %	13.85 %
Q4 2023	23.16 %	17.35 %	6.52 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	30.00	3.30	3.05	22.66
Q2 2014	30.00	3.46	3.20	23.53
Q3 2014	30.00	3.55	3.30	24.77
Q4 2014	30.00	3.57	3.57	24.37
Q1 2015	30.00	3.69	3.69	25.28
Q2 2015	30.00	3.43	3.43	25.90
Q3 2015	30.00	3.64	3.64	27.34
Q4 2015	30.00	2.41	2.41	25.72
Q1 2016	30.00	2.42	2.42	27.30
Q2 2016	30.00	2.51	2.51	23.67
Q3 2016	30.00	2.16	2.16	24.76
Q4 2016	30.00	2.27	2.27	22.90
Q1 2017	30.00	2.25	2.25	26.15
Q2 2017	30.00	1.74	1.82	24.45
Q3 2017	30.00	1.03	1.11	24.84
Q4 2017	30.00	0.85	0.94	22.84
Q1 2018	30.00	(0.22)	(0.13)	22.04
Q2 2018	30.00	0.40	0.40	21.91
Q3 2018	30.00	0.77	0.77	22.66
Q4 2018	30.00	1.19	1.19	23.14
Q1 2019	30.00	2.21	2.21	23.36
Q2 2019	30.00	1.38	1.38	21.90
Q3 2019	30.00	0.41	0.41	21.68
Q4 2019	30.00	(0.69)	(0.15)	20.87
Q1 2020	30.00	(0.69)	(0.14)	21.09
Q2 2020	30.00	(0.34)	0.21	20.99
Q3 2020	30.00	0.13	(0.17)	20.74
Q4 2020	30.00	0.93	0.08	20.27
Q1 2021	30.00	0.84	(0.01)	20.40
Q2 2021	30.00	0.56	(0.29)	20.51
Q3 2021	30.00	0.41	0.41	20.62
Q4 2021	30.00	0.58	0.58	20.92
Q1 2022	30.00	0.96	0.96	21.43
Q2 2022	30.00	1.07	1.07	21.66
Q3 2022	30.00	1.62	1.62	21.82
Q4 2022	30.00	1.70	1.70	22.25
Q1 2023	30.00	1.86	1.86	22.42
Q2 2023	30.00	1.79	1.79	22.58
Q3 2023	30.00	1.82	1.82	23.27
Q4 2023	30.00	2.07	1.77	23.95

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	30.00	3.57	3.57	24.37
2015	30.00	2.41	2.41	25.72
2016	30.00	2.27	2.27	22.90
2017	30.00	0.85	0.94	22.84
2018	30.00	1.19	1.19	23.14
2019	30.00	(0.69)	(0.15)	20.87
2020	30.00	0.93	0.08	20.27
2021	30.00	0.58	0.58	20.92
2022	30.00	1.70	1.70	22.25
2023	30.00	2.07	1.77	23.95

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	12.98	14.08	1.89
Q2 2014	13.58	14.67	2.00
Q3 2014	15.08	16.26	2.16
Q4 2014	11.43	11.43	1.68
Q1 2015	11.37	11.37	1.66
Q2 2015	13.45	13.45	1.78
Q3 2015	10.67	10.67	1.42
Q4 2015	13.82	13.82	1.30
Q1 2016	9.69	9.69	0.86
Q2 2016	11.92	11.92	1.27
Q3 2016	12.91	12.91	1.13
Q4 2016	15.31	15.31	1.52
Q1 2017	13.85	13.85	1.19
Q2 2017	16.72	15.95	1.19
Q3 2017	27.35	25.30	1.13
Q4 2017	35.95	32.75	1.34
Q1 2018	NEG	NEG	1.36
Q2 2018	66.80	66.80	1.21
Q3 2018	29.82	29.82	1.01
Q4 2018	18.12	18.12	0.93
Q1 2019	10.42	10.42	0.98
Q2 2019	17.42	17.42	1.10
Q3 2019	51.79	51.79	0.99
Q4 2019	NEG	NEG	1.07
Q1 2020	NEG	NEG	0.92
Q2 2020	NEG	More than 100	1.40
Q3 2020	More than 100	NEG	1.90
Q4 2020	39.56	More than 100	1.81
Q1 2021	97.81	NEG	4.01
Q2 2021	More than 100	NEG	4.11
Q3 2021	More than 100	More than 100	3.70
Q4 2021	More than 100	More than 100	2.79
Q1 2022	57.87	57.87	2.59
Q2 2022	43.11	43.11	2.13
Q3 2022	26.69	26.69	1.98
Q4 2022	26.08	26.08	2.00
Q1 2023	27.80	27.80	2.31
Q2 2023	29.79	29.79	2.37
Q3 2023	26.62	26.62	2.08
Q4 2023	23.72	27.76	2.05

Period	P/E	Adjusted P/E	Price/book
2014	11.44	11.44	1.68
2015	13.82	13.82	1.30
2016	15.31	15.31	1.52
2017	35.95	32.75	1.34
2018	18.12	18.12	0.93
2019	NEG	NEG	1.07
2020	39.56	More than 100	1.81
2021	More than 100	More than 100	2.79
2022	26.08	26.08	2.00
2023	23.72	27.76	2.05

Business Segments (Million)

Compared With The

Period	Agricultural activity - Manufacturing	Agricultural activity - plants
Q3 2016	22.23	98.61
Q4 2016	29.74	98.76
Q1 2017	31.56	16.64
Q2 2017	26.73	40.48
Q3 2017	10.73	103.30
Q4 2017	8.45	67.73
Q1 2018	17.81	23.83
Q2 2018	10.37	69.56
Q3 2018	35.75	90.49
Q4 2018	43.58	67.54
Q1 2019	36.93	12.71
Q2 2019	27.75	16.94
Q3 2019	28.81	38.17
Q4 2019	28.93	34.21
Q1 2020	37.25	8.88
Q2 2020	62.12	9.85
Q3 2020	19.73	29.32
Q4 2020	35.81	20.26
Q1 2021	48.07	13.30
Q2 2021	35.13	20.57
Q3 2021	36.19	63.62
Q4 2021	53.03	42.76
Q1 2022	59.35	1.06
Q2 2022	43.18	20.85
Q3 2022	43.75	91.60
Q4 2022	39.01	43.20
Q1 2023	93.94	10.50
Q2 2023	36.13	21.77
Q3 2023	58.46	91.11
Q4 2023	46.63	67.89

Period	Agricultural activity - Manufacturing	Agricultural activity - plants
2016	103.61	276.60
2017	77.48	228.14
2018	107.51	251.43
2019	122.43	102.02
2020	154.90	68.31
2021	172.41	140.25
2022	185.29	156.70
2023	235.15	191.28

Financial Ratios

	Current
Market Cap (M Riyal)	2,082.00
Enterprise Value (EV) (M)	2,317.02
Shares Outstanding ((M))	30.00
EPS ( Riyal) (TTM)	2.49
Book Value (BV) ( Riyal)	24.80
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	31.64
P/E (TTM)	27.83
Price/book	2.80
Return on Average Assets (%) (TTM)	6.8
Return on Average Equity (%) (TTM)	10.6

Al-Jouf Agricultural Development Co. (ALJOUF)

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Al-Jouf Agricultural 2023 profit rises 21% to SAR 62M; Q4 at SAR 16.5M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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

Al-Jouf Agricultural Development Co. (ALJOUF)

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Al-Jouf Agricultural 2023 profit rises 21% to SAR 62M; Q4 at SAR 16.5M

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Al-Jouf Agricultural Development Co. (ALJOUF)

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Business Segments (Million)