FADECO records profits of SAR 2 million for H1

Arabian Food and Dairy Factories Co. recorded a net profit after zakat and tax during the first half of SAR 2 million, compared to a loss of SAR 199 thousand in the same half of last year. This came after the announcement on Tuesday of the interim financial results for the period ended on June 30 (six months).

The operational profit amounted to SAR 2.1 million in the first half, compared to SAR 93 thousand in the same half of the previous year.

The total shareholders’ equity “without minority rights” amounted to SAR 29.4 million in the 6-month period, compared to SAR 28.9 million in the same period last year, an increase of 1.5%.

Earnings per share in the current period reached SAR 1.48, compared to a loss of SAR 0.14 in the same period last year.

The reason for the increase in net profit during this period compared to the previous period is due to the decrease in the prices of raw materials, the increase in the price of products, and the increase in other revenues.

Basic earnings per share is calculated based on the profit distributable to shareholders for ordinary shares and using the weighted average number of ordinary shares outstanding on the date of the financial statements.