SADAFCO profit up 59% to SAR 223 mln in H1 2023/24; Q2 at SAR 114.5 mln

30/10/2023 Argaam Exclusive

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Saudia Dairy and Foodstuff Co. (SADAFCO) reported a net profit of SAR 223 million in the first half of 2023/24, ended Sept. 30, 2023, up 59% from SAR 139.9 million a year earlier

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,325.82	679.23	(48.8 %)
Gross Income	425.49	235.42	(44.7 %)
Operating Income	203.03	104.19	(48.7 %)
Net Income	139.88	108.54	(22.4 %)
Average Shares	32.50	32.50	-
EPS (Riyals)	4.30	3.34	(22.4 %)

The profit growth was driven by a 14% year-on-year (YoY) increase in sales value driven mainly by volume and market share gains across all categories.

Gross profit margin increased to 39.2% from 34.1% a year earlier due to lower raw material costs, favorable product and channel mix and prudent sourcing of raw materials.

On the other hand, selling and distribution expenses increased to 15.2% of net sales from 13.3% last year. General and administrative expenses remained in line with last year due to overhead control.

Finance income increased by SAR 14 million as a result of higher deposit rates, while finance costs were higher mainly due to final settlement of put option liability.

The sale and profitability of Poland has declined.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	694.49	679.23	(2.2 %)
Gross Income	223.29	235.42	5.4 %
Operating Income	113.66	104.19	(8.3 %)
Net Income	85.55	108.54	26.9 %
Average Shares	32.50	32.50	-
EPS (Riyals)	2.63	3.34	26.9 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	668.20	679.23	1.7 %
Gross Income	201.25	235.42	17.0 %
Operating Income	90.55	104.19	15.1 %
Net Income	90.44	108.54	20.0 %
Average Shares	32.50	32.50	-
EPS (Riyals)	2.78	3.34	20.0 %

The second-quarter net profit grew 34% YoY to SAR 114.5 million.

The Q2 2023/24 earnings rose 5.5% from SAR 108.54 million in the previous quarter.

Total shareholders’ equity, before excluding minority interest, reached SAR 1.80 billion as of Sept. 30, 2023, compared to SAR 1.58 billion a year earlier.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	463.61	8.4 %	137.24	6.8 %	34.03	3.5 %	1.05
Q2 2014	431.30	13.6 %	129.56	3.6 %	47.63	2.6 %	1.47
Q3 2014	447.79	24.8 %	126.94	7.6 %	30.10	(22.2 %)	0.93
Q4 2014	464.18	20.1 %	158.54	30.4 %	29.19	(43.6 %)	0.90
2014	1,806.88	16.4 %	552.28	12.0 %	140.95	(17.0 %)	4.34
Q1 2015	520.68	12.3 %	179.73	31.0 %	58.29	71.3 %	1.79
Q2 2015	481.93	11.7 %	166.21	28.3 %	53.91	13.2 %	1.66
Q3 2015	496.12	10.8 %	171.89	35.4 %	68.13	126.4 %	2.10
Q4 2015	484.04	4.3 %	190.80	20.3 %	79.88	173.7 %	2.46
2015	1,982.76	9.7 %	708.64	28.3 %	260.21	84.6 %	8.01
Q1 2016	475.74	(8.6 %)	192.24	7.0 %	81.15	39.2 %	2.50
Q2 2016	445.03	(7.7 %)	171.79	3.4 %	80.85	50.0 %	2.49
Q3 2016	436.09	(12.1 %)	158.98	(7.5 %)	67.84	(0.4 %)	2.09
Q4 2016	430.00	(11.2 %)	167.25	(12.3 %)	73.84	(7.6 %)	2.27
2016	1,786.86	(9.9 %)	690.27	(2.6 %)	303.68	16.7 %	9.34
Q1 2017	452.83	(4.8 %)	175.18	(8.9 %)	77.07	(5.0 %)	2.37
Q2 2017	441.31	(0.8 %)	171.32	(0.3 %)	75.16	(7.0 %)	2.31
Q3 2017	419.93	(3.7 %)	149.44	(6.0 %)	58.52	(13.7 %)	1.80
Q4 2017	378.61	(11.9 %)	137.73	(17.7 %)	50.13	(32.1 %)	1.54
2017	1,692.68	(5.3 %)	633.68	(8.2 %)	260.88	(14.1 %)	8.03
Q1 2018	410.17	(9.4 %)	133.52	(23.8 %)	50.20	(34.9 %)	1.54
Q2 2018	476.62	8.0 %	145.83	(14.9 %)	54.09	(28.0 %)	1.66
Q3 2018	462.67	10.2 %	139.80	(6.5 %)	54.15	(7.5 %)	1.67
Q4 2018	463.50	22.4 %	161.15	17.0 %	59.95	19.6 %	1.84
2018	1,812.96	7.1 %	580.30	(8.4 %)	218.39	(16.3 %)	6.72
Q1 2019	485.23	18.3 %	156.47	17.2 %	58.28	16.1 %	1.79
Q2 2019	521.08	9.3 %	176.78	21.2 %	65.16	20.5 %	2.00
Q3 2019	488.47	5.6 %	176.12	26.0 %	68.32	26.2 %	2.10
Q4 2019	561.31	21.1 %	179.81	11.6 %	74.50	24.3 %	2.29
2019	2,056.09	13.4 %	689.18	18.8 %	266.26	21.9 %	8.19
Q1 2020	565.99	16.6 %	183.30	17.1 %	70.40	20.8 %	2.17
Q2 2020	535.40	2.7 %	176.92	0.1 %	70.31	7.9 %	2.16
Q3 2020	482.02	(1.3 %)	160.80	(8.7 %)	63.77	(6.7 %)	1.96
Q4 2020	521.98	(7.0 %)	172.81	(3.9 %)	56.08	(24.7 %)	1.73
2020	2,105.40	2.4 %	693.83	0.7 %	260.55	(2.1 %)	8.02
Q1 2021	492.40	(13.0 %)	150.47	(17.9 %)	38.15	(45.8 %)	1.17
Q2 2021	530.08	(1.0 %)	161.54	(8.7 %)	54.06	(23.1 %)	1.66
Q3 2021	519.91	7.9 %	160.10	(0.4 %)	53.65	(15.9 %)	1.65
Q4 2021	627.94	20.3 %	184.52	6.8 %	61.44	9.6 %	1.89
2021	2,170.33	3.1 %	656.63	(5.4 %)	207.29	(20.4 %)	6.38
Q1 2022	631.33	28.2 %	202.21	34.4 %	54.33	42.4 %	1.67
Q2 2022	694.49	31.0 %	223.29	38.2 %	85.55	58.3 %	2.63
Q3 2022	654.00	25.8 %	195.97	22.4 %	78.45	46.2 %	2.41
Q4 2022	-	-	-	-	-	-	-
2022	2,648.01	22.0 %	822.71	25.3 %	308.77	49.0 %	9.50
Q1 2023	668.20	5.8 %	201.25	(0.5 %)	90.44	66.5 %	2.78
Q2 2023	679.23	(2.2 %)	235.42	5.4 %	108.54	26.9 %	3.34

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	1,552.82	0.2 %	493.14	3.8 %	169.82	3.4 %	5.23
2014	1,806.88	16.4 %	552.28	12.0 %	140.95	(17.0 %)	4.34
2015	1,982.76	9.7 %	708.64	28.3 %	260.21	84.6 %	8.01
2016	1,786.86	(9.9 %)	690.27	(2.6 %)	303.68	16.7 %	9.34
2017	1,692.68	(5.3 %)	633.68	(8.2 %)	260.88	(14.1 %)	8.03
2018	1,812.96	7.1 %	580.30	(8.4 %)	218.39	(16.3 %)	6.72
2019	2,056.09	13.4 %	689.18	18.8 %	266.26	21.9 %	8.19
2020	2,105.40	2.4 %	693.83	0.7 %	260.55	(2.1 %)	8.02
2021	2,170.33	3.1 %	656.63	(5.4 %)	207.29	(20.4 %)	6.38
2022	2,648.01	22.0 %	822.71	25.3 %	308.77	49.0 %	9.50

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	31.60 %	15.58 %	10.76 %
Q2 2014	30.87 %	15.26 %	10.50 %
Q3 2014	29.80 %	14.13 %	9.46 %
Q4 2014	30.57 %	12.56 %	7.80 %
2014	30.57 %	12.56 %	7.80 %
Q1 2015	31.91 %	13.56 %	8.86 %
Q2 2015	32.98 %	13.61 %	8.96 %
Q3 2015	34.46 %	15.75 %	10.67 %
Q4 2015	35.74 %	18.05 %	13.12 %
2015	35.74 %	18.05 %	13.12 %
Q1 2016	37.21 %	19.66 %	14.61 %
Q2 2016	38.23 %	21.33 %	16.31 %
Q3 2016	38.78 %	21.64 %	16.82 %
Q4 2016	38.63 %	21.05 %	17.00 %
2016	38.63 %	21.06 %	17.00 %
Q1 2017	38.16 %	20.91 %	16.98 %
Q2 2017	38.22 %	20.43 %	16.70 %
Q3 2017	38.03 %	19.99 %	16.32 %
Q4 2017	37.44 %	20.13 %	15.41 %
2017	37.44 %	20.13 %	15.41 %
Q1 2018	35.88 %	18.82 %	14.18 %
Q2 2018	33.61 %	17.17 %	12.63 %
Q3 2018	32.23 %	16.41 %	12.07 %
Q4 2018	32.01 %	16.13 %	12.05 %
2018	32.01 %	16.13 %	12.05 %
Q1 2019	31.95 %	16.44 %	12.00 %
Q2 2019	32.82 %	17.12 %	12.29 %
Q3 2019	34.24 %	18.23 %	12.85 %
Q4 2019	33.52 %	18.85 %	12.95 %
2019	33.52 %	18.85 %	12.95 %
Q1 2020	33.51 %	18.92 %	13.03 %
Q2 2020	33.29 %	19.10 %	13.18 %
Q3 2020	32.68 %	18.72 %	13.01 %
Q4 2020	32.95 %	18.02 %	12.38 %
2020	32.95 %	18.09 %	12.38 %
Q1 2021	32.53 %	17.10 %	11.24 %
Q2 2021	31.86 %	16.41 %	10.46 %
Q3 2021	31.24 %	15.84 %	9.78 %
Q4 2021	30.25 %	15.43 %	9.55 %
2021	30.25 %	15.43 %	9.55 %
Q1 2022	30.68 %	16.67 %	10.80 %
Q2 2022	31.13 %	18.03 %	12.32 %
Q3 2022	30.91 %	17.94 %	12.21 %
Q4 2022	-	-	-
2022	31.07 %	18.48 %	13.16 %
Q1 2023	-	-	-
Q2 2023	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	31.76 %	15.51 %	10.94 %
2014	30.57 %	12.56 %	7.80 %
2015	35.74 %	18.05 %	13.12 %
2016	38.63 %	21.06 %	17.00 %
2017	37.44 %	20.13 %	15.41 %
2018	32.01 %	16.13 %	12.05 %
2019	33.52 %	18.85 %	12.95 %
2020	32.95 %	18.09 %	12.38 %
2021	30.25 %	15.43 %	9.55 %
2022	31.07 %	18.48 %	13.16 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	29.60 %	11.97 %	7.34 %
Q2 2014	30.04 %	15.99 %	11.04 %
Q3 2014	28.35 %	10.85 %	6.72 %
Q4 2014	34.16 %	11.61 %	6.29 %
Q1 2015	34.52 %	15.62 %	11.20 %
Q2 2015	34.49 %	15.94 %	11.19 %
Q3 2015	34.65 %	19.57 %	13.73 %
Q4 2015	39.42 %	21.19 %	16.50 %
Q1 2016	40.41 %	21.95 %	17.06 %
Q2 2016	38.60 %	22.79 %	18.17 %
Q3 2016	36.46 %	20.63 %	15.56 %
Q4 2016	38.90 %	18.67 %	17.17 %
Q1 2017	38.69 %	21.45 %	17.02 %
Q2 2017	38.82 %	20.92 %	17.03 %
Q3 2017	35.59 %	18.81 %	13.93 %
Q4 2017	36.38 %	19.13 %	13.24 %
Q1 2018	32.55 %	16.30 %	12.24 %
Q2 2018	30.60 %	14.93 %	11.35 %
Q3 2018	30.22 %	15.79 %	11.70 %
Q4 2018	34.77 %	17.53 %	12.93 %
Q1 2019	32.25 %	17.50 %	12.01 %
Q2 2019	33.93 %	17.57 %	12.50 %
Q3 2019	36.06 %	20.34 %	13.99 %
Q4 2019	32.03 %	19.91 %	13.27 %
Q1 2020	32.39 %	17.96 %	12.44 %
Q2 2020	33.04 %	18.33 %	13.13 %
Q3 2020	33.36 %	18.64 %	13.23 %
Q4 2020	33.11 %	17.20 %	10.74 %
Q1 2021	30.56 %	14.15 %	7.75 %
Q2 2021	30.48 %	15.70 %	10.20 %
Q3 2021	30.79 %	16.21 %	10.32 %
Q4 2021	29.38 %	15.57 %	9.78 %
Q1 2022	32.03 %	18.95 %	12.72 %
Q2 2022	32.15 %	20.80 %	15.73 %
Q3 2022	29.96 %	16.22 %	10.32 %
Q4 2022	-	-	-
Q1 2023	30.12 %	17.82 %	12.96 %
Q2 2023	34.66 %	19.62 %	15.98 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	32.50	5.26	5.26	25.91
Q2 2014	32.50	5.30	5.30	27.37
Q3 2014	32.50	5.03	5.03	28.26
Q4 2014	32.50	4.34	4.34	29.17
Q1 2015	32.50	5.08	5.08	27.46
Q2 2015	32.50	5.28	5.28	29.12
Q3 2015	32.50	6.45	6.45	31.15
Q4 2015	32.50	8.01	8.01	33.61
Q1 2016	32.50	8.71	8.71	31.88
Q2 2016	32.50	9.54	9.54	34.42
Q3 2016	32.50	9.53	9.53	36.56
Q4 2016	32.50	9.34	9.34	38.80
Q1 2017	32.50	9.22	9.22	37.17
Q2 2017	32.50	9.04	9.04	39.49
Q3 2017	32.50	8.76	8.76	39.29
Q4 2017	32.50	8.03	8.03	40.65
Q1 2018	32.50	7.20	7.20	42.22
Q2 2018	32.50	6.55	6.55	41.16
Q3 2018	32.50	6.42	6.42	40.82
Q4 2018	32.50	6.72	6.72	41.18
Q1 2019	32.50	6.97	6.97	41.01
Q2 2019	32.50	7.31	7.31	43.01
Q3 2019	32.50	7.75	7.75	42.64
Q4 2019	32.50	8.19	8.19	44.83
Q1 2020	32.50	8.57	8.57	44.53
Q2 2020	32.50	8.72	8.72	46.69
Q3 2020	32.50	8.58	8.58	48.65
Q4 2020	32.50	8.02	8.02	47.18
Q1 2021	32.50	7.02	7.02	48.56
Q2 2021	32.50	6.52	6.52	47.15
Q3 2021	32.50	6.21	6.21	48.69
Q4 2021	32.50	6.38	6.38	47.39
Q1 2022	32.50	6.88	7.68	46.10
Q2 2022	32.50	7.85	9.37	48.67
Q3 2022	32.50	8.61	9.80	51.17
Q4 2022	-	-	-	-
Q1 2023	32.50	-	-	50.87
Q2 2023	32.50	-	-	54.25

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	32.50	5.23	5.23	28.35
2014	32.50	4.34	4.34	29.17
2015	32.50	8.01	8.01	33.61
2016	32.50	9.34	9.34	38.80
2017	32.50	8.03	8.03	40.65
2018	32.50	6.72	6.72	41.18
2019	32.50	8.19	8.19	44.83
2020	32.50	8.02	8.02	47.18
2021	32.50	6.38	6.38	47.39
2022	32.50	9.50	10.72	50.87

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	18.15	18.15	3.69
Q2 2014	19.06	19.06	3.69
Q3 2014	24.65	24.65	4.39
Q4 2014	27.42	27.42	4.08
Q1 2015	23.74	23.74	4.39
Q2 2015	27.09	27.09	4.91
Q3 2015	21.02	21.02	4.35
Q4 2015	13.99	13.99	3.33
Q1 2016	14.23	14.23	3.89
Q2 2016	15.61	15.61	4.33
Q3 2016	12.91	12.91	3.37
Q4 2016	13.33	13.33	3.21
Q1 2017	14.35	14.35	3.56
Q2 2017	13.73	13.73	3.14
Q3 2017	13.64	13.64	3.04
Q4 2017	16.31	16.31	3.22
Q1 2018	16.37	16.37	2.79
Q2 2018	14.38	14.38	2.29
Q3 2018	14.02	14.02	2.20
Q4 2018	14.94	14.94	2.44
Q1 2019	14.84	14.84	2.52
Q2 2019	15.73	15.73	2.67
Q3 2019	17.30	17.30	3.14
Q4 2019	17.45	17.45	3.19
Q1 2020	15.99	15.99	3.08
Q2 2020	18.91	18.91	3.53
Q3 2020	21.25	21.25	3.75
Q4 2020	21.49	21.49	3.71
Q1 2021	23.57	23.57	3.41
Q2 2021	27.22	27.22	3.83
Q3 2021	26.56	26.56	3.39
Q4 2021	25.47	25.47	3.48
Q1 2022	25.07	22.46	3.74
Q2 2022	20.48	17.14	3.35
Q3 2022	22.54	19.79	3.79
Q4 2022	-	-	-
Q1 2023	-	-	4.67
Q2 2023	-	-	5.88

Period	P/E	Adjusted P/E	Price/book
2013	16.51	16.51	3.04
2014	27.42	27.42	4.08
2015	13.99	13.99	3.33
2016	13.33	13.33	3.21
2017	16.31	16.31	3.22
2018	14.94	14.94	2.44
2019	17.45	17.45	3.19
2020	21.49	21.49	3.71
2021	25.47	25.47	3.48
2022	22.39	19.83	4.25

Business Segments (Million)

Compared With The

Period	Drinks	Non-drinks
Q1 2016	311.95	163.79
Q2 2016	306.89	138.14
Q3 2016	297.45	138.64
Q4 2016	298.79	131.17
Q1 2017	285.15	167.68
Q2 2017	304.61	136.70
Q3 2017	268.91	151.02
Q4 2017	270.84	107.78
Q1 2018	247.91	162.26
Q2 2018	278.67	197.96
Q3 2018	280.46	182.20
Q4 2018	287.69	175.81
Q1 2019	278.48	206.75
Q2 2019	310.46	210.62
Q3 2019	325.65	162.81
Q4 2019	333.52	227.80
Q1 2020	352.05	213.95
Q2 2020	317.08	218.32
Q3 2020	297.61	184.41
Q4 2020	310.43	211.56
Q1 2021	271.59	220.81
Q2 2021	298.72	231.36
Q3 2021	297.81	222.10
Q4 2021	351.70	276.24
Q1 2022	350.91	280.42
Q2 2022	380.04	314.46
Q3 2022	412.69	241.32
Q1 2023	409.44	258.76
Q2 2023	405.09	274.14

Period	Drinks	Non-drinks
2016	1,215.07	571.74
2017	1,129.51	563.18
2018	1,094.72	718.24
2019	1,248.11	807.98
2020	1,277.17	828.23
2021	1,219.82	950.50
2022	1,553.06	1,094.95

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	122.15	108.54	(11.1 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
U-Capital	120.30	108.54	(9.8) %
Al Rajhi Capital	124.00	108.54	(12.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	10,998.00
Enterprise Value (EV) (M)	10,237.02
Shares Outstanding ((M))	32.50
EPS ( Riyal) (TTM)	13.97
Book Value (BV) ( Riyal)	56.42
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	23.40
P/E (TTM)	24.23
Price/book	6.00
Return on Average Assets (%) (TTM)	17.2
Return on Average Equity (%) (TTM)	26.0

Saudia Dairy and Foodstuff Co. (SADAFCO)

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SADAFCO profit up 59% to SAR 223 mln in H1 2023/24; Q2 at SAR 114.5 mln

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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 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudia Dairy and Foodstuff Co. (SADAFCO)

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SADAFCO profit up 59% to SAR 223 mln in H1 2023/24; Q2 at SAR 114.5 mln

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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudia Dairy and Foodstuff Co. (SADAFCO)

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