Balady Poultry Trading Company announced a significant rise in net profit for the first quarter, reaching SAR 40.6 million, up 66.9% from SAR 24.3 million in the same quarter last year. The company disclosed these preliminary financial results today for the period ending March 31, 2024.
Operating profit for the quarter stood at SAR 38.4 million, marking a 68.6% increase from SAR 22.7 million in the prior year’s first quarter. Total shareholders’ equity, excluding minority interests, rose to SAR 244.2 million, up 57.6% from SAR 154.9 million year-over-year.
The increase in revenues to SAR 231.9 million, a 30.92% rise from the same quarter last year, was attributed to boosted sales and a daily production rate of 195 thousand birds. This enhancement in operations also contributed to the substantial growth in net profit, alongside reduced expenses.
Compared to the previous quarter, revenues also saw an increase of 1.87%, driven by similar factors of increased sales and efficient production practices.
Earnings per share were calculated by dividing the net profit, after accounting for Zakat and taxes, by the total number of outstanding shares, which stands at 6,570,000 for the period.
