SADAFCO’s Q1 2024 profit jumps 41% to SAR 126.2M

09/05/2024 Argaam Exclusive

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Saudia Dairy and Foodstuff Co. (SADAFCO) reported a net profit rise of 41% to SAR 126.2 million for the first quarter of 2024 from SAR 89.7 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	668.20	717.88	7.4 %
Gross Income	201.25	256.49	27.4 %
Operating Income	90.55	121.58	34.3 %
Net Income	90.44	126.25	39.6 %
Average Shares	32.50	32.50	-
EPS (Riyals)	2.78	3.88	39.6 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	687.89	717.88	4.4 %
Gross Income	232.93	256.49	10.1 %
Operating Income	95.62	121.58	27.2 %
Net Income	104.61	126.25	20.7 %
Average Shares	32.50	32.50	-
EPS (Riyals)	3.22	3.88	20.7 %

Sales grew by 7.4% year-on-year (YoY) to SAR 718 million in Q1 2024, driven mainly by volume and market share gains across all categories. This increase was achieved despite increased competitive intensity.

Gross profit margins (GPM) increased to 36% from 30% in Q1 2023 due to lower raw material prices and product cost efficiency. GPM, excluding Mlekom, reached 40% in the three-month period.

Selling and distribution expenses stood at 15% of net sales, compared to 14.6% in Q1 2023. General and administrative expenses remained steady in absolute terms YoY at 3.7% of sales.

SADAFCO’s finance income grew by SAR 6 million amid higher interest rates on deposits. The net profit margin also increased to 17.6% in Q1 2024 from 13.4% in Q1 2023.

Compared to Q4 2023, the company’s net earnings jumped 20.7% from SAR 104.53 million, thanks to a 4.4% sequential rise in sales.

Total shareholders’ equity, after minority interest, reached SAR 1.83 billion as of March 31, 2024, up from SAR 1.67 billion a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q3 2023	744.36	13.8 %	282.33	44.1 %	114.47	45.9 %	3.52
Q4 2023	687.89	-	232.93	-	104.61	-	3.22
2023	2,111.48	(20.3 %)	750.67	(8.8 %)	327.62	6.1 %	10.08
Q1 2024	717.88	7.4 %	256.49	27.4 %	126.25	39.6 %	3.88

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2023	2,111.48	(20.3 %)	750.67	(8.8 %)	327.62	6.1 %	10.08

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	-	-	-
Q3 2023	-	-	-
Q4 2023	34.25 %	19.68 %	15.48 %
2023	35.55 %	20.27 %	16.28 %
Q1 2024	35.60 %	20.46 %	16.61 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	35.55 %	20.27 %	16.28 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	37.93 %	22.56 %	18.14 %
Q4 2023	33.86 %	18.42 %	14.57 %
Q1 2024	35.73 %	21.03 %	17.59 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2023	32.50	-	-	55.46
Q4 2023	32.50	12.86	13.24	58.51
Q1 2024	32.50	13.97	14.46	56.42

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	32.50	10.08	10.58	58.51

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2023	-	-	5.81
Q4 2023	26.01	25.27	5.72
Q1 2024	26.49	25.58	6.56

Period	P/E	Adjusted P/E	Price/book
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
2023	32.68	31.15	5.72

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
Q3 2023	405.09	339.27
Q4 2023	418.97	268.92
Q1 2024	420.00	297.88

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
2023	1,229.15	882.33

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	102.25	126.25	23.48 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
Al Rajhi Capital	110.00	126.25	14.8 %
U-Capital	94.50	126.25	33.6 %

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’s Q1 2024 profit jumps 41% to SAR 126.2M

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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) 2024 Q1

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’s Q1 2024 profit jumps 41% to SAR 126.2M

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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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

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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Business Segments (Million)