Friday, 29 March 2024

Al-Jouf Agricultural profits jump 98% to SR6.8 mln in Q2

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The net profit after zakat and tax for Al-Jouf Agricultural Development Co. jumped during the second quarter to SR6.8 million, compared to SR3.4 million in the same quarter of last year, at a rate of 98%.

This came after Wednesday’s announcement of the preliminary financial results for the period ending 30.06.2022 (6 Months).

The operational profit amounted to SR7 million in the second quarter, compared to SR4 million in the same quarter of the previous year, a growth of 70%.

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The gross profit amounted to SR20 million in the second quarter, compared to SR17 million in the same quarter of the previous year, an increase of 20%.

The net profit after zakat and tax during the current period amounted to SR22 million, compared to SR7 million in the same period last year, a surge of 203%.

Profits per share in the current period reached SR0.74, compared to SR0.24 in the same period last year.

The increase in net profit for the current quarter 2022 compared to the similar quarter last year due to the increase in sales , the improvement in profit margin , the decrease in selling and distribution cost and the increase in other revenues, despite the increase in general and administrative cost and the increase in Zakat expense.

The Decrease in net profit during the current quarter compared to the previous quarter of 2022 due to the decrease in profit margin because of the increase in agricultural sales during the current quarter compared to the previous quarter which have a lower profit margin than the industrial sales, in addition to the increase in Zakat expense ,despite the decrease in selling and distribution cost and the increase in other revenues .

The increase in net profit for the current period compared to the similar period last year due to the increase in sales, the improvement in profit margin, despite the increase in selling and distribution cost, the increase in general and administrative cost, the decrease in other revenues and the increase in Zakat expense.

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