BALADY profits soar 170.4% during Q1 to SAR 24.3 million

Balady Poultry Trading Co. revealed an increase in its net profit after zakat and tax in the first quarter to SAR 24.3 million, compared to SAR 8.9 million in the same quarter of last year, by 170.4%. This came after the announcement on Wednesday of the interim financial results for the period ended on 31.03.2023. (Three months).

The operational profit amounted to SAR 22.7 million in the first quarter, compared to SAR 7.4 million in the same quarter of the previous year, a growth of 206.3%.

The total shareholders’ equity “without minority rights” amounted to SAR 155 million in the current period, compared to SAR 75.2 million in the same period last year, a decrease of 106%.

Profit per share in the current period reached SAR 3.7, compared to SAR 1.36 in the same period last year.

The reason for the increase in net profit during the current quarter compared to the same quarter of last year is due to the increase in sales revenues, which amounted to approximately SAR 177,172 million during the current quarter compared to the same quarter of the previous year, which amounted to approximately SAR 122,921 million, an increase of 44.14%.

The average daily production reached 151,000 birds per day during the current quarter, compared to the same quarter of the previous year, when it reached 114,000 birds

The reason for the increase in net profit during the current quarter compared to the previous quarter is due to lower cost of sales for the current quarter due to lower raw material prices.

Earnings per share is calculated by dividing the profit after calculating zakat and taxes by the number of ordinary shares outstanding during the period which amounted to 6,570,0000 shares (March 31 – 2022: 6,570,000 shares)