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Saudia Dairy and Foodstuff Co. announces its Interim Financial Results for the Period Ending on 2020-12-31 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 482,024488,468-1.319535,397-9.968
Gross Profit (Loss) 160,798176,118-8.698176,918-9.111
Operational Profit (Loss) 68,15972,500-5.98774,411-8.401
Net Profit (Loss) after Zakat and Tax 64,17368,063-5.71570,260-8.663
Total Comprehensive Income 64,13068,092-5.81870,168-8.605
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 1,583,4141,494,7785.929
Gross Profit (Loss) 521,016509,3672.286
Operational Profit (Loss) 219,256201,1269.014
Net Profit (Loss) after Zakat and Tax 204,967191,0977.258
Total Comprehensive Income 204,756191,2237.077
Total Share Holders Equity (after Deducting Minority Equity) 1,581,0931,385,75214.096
Profit (Loss) per Share 6.395.99
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net profit in the quarter was SAR 64.2Mln (13% of net sales), which was SAR 3.9Mln (-5.7%) less than the same quarter last year, due to lower sales and lower gross margin which was partially offset by lower expense.

Net sales in the quarter was SAR 482 Mln, 1.32% lower (SAR 6.4 Mln) than same quarter last year. Consumer Milk sales was -8.1% and tomato paste sales +4.1%. Ice Cream sales were up 17.9%.

SADAFCO continues to maintain its strong position in key market segments with a share of drinking milk of 28.2%, Tomato Paste share of 49.9% and Ice cream share of 26.3%.

SADAFCO’s Gross Margin of 33.4% for the quarter was lower versus 36.1% for last year due to partial absorption of VAT increase from 5% to 15%.

Total Expenses (S&D and G&A) were SAR 6.7 Mln below last year driven by lower A&P spend.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is Net profit of SAR 64.2 Mln in this quarter was lower than the previous quarter of SAR 70.2Mln. Net sales were 10% lower (SAR 53.4Mln) due to lower milk sales.

Gross margin improved at 33.4% vs 33% for previous quarter.

Selling and distribution costs were SAR 7.9 Mln below the previous quarter due to lower sales

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Net profit in the period was SAR 204.9Mln, which is SAR 13.9 Mln (7.3%) above the same period last year, driven by higher sales, lower COGS and lower trade promotion activity partially offset by incremental Covid costs of SAR 12.5 Mln and donation of SAR 8.7Mln.
Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Certain prior period amounts have been reclassified to conform to the presentation in the current period.
Additional Information Our performance this period maintains its strength over last year. VAT increase from 5% to 15% from July had a significant effect on consumer spend in general and therefore on shopping basket cost, while irrational discounting by competition in milk category lowered our milk sales.

Construction Works on the New Ice Cream Factory are progressing well and we expect to start trial production by May 2021.

The company did not re-purchase any of its shares during the quarter.

Our cash balance remains robust at SAR 691Mln vs. SAR 584Mln same period last year.

On January 4 2021 the BOD approved a distribution of interim dividend of SAR 3 per share, an increase of 20% over previous year.

Shareholders’ equity is at SAR 1.58Bln vs 1.38Bln same period last year, an increase of 10%.

The earnings per share for the quarter is computed as follows

1. Profit attributable to owners of Sadafco SAR 204,474,000

2. Total shares 32,500,000

3. Treasury shares held by the Company 500,250

4. Total shares outstanding 31,999,750

5. EPS 6.39

Attached Documents  

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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