Food production sector companies’ profits in the Saudi stock market grow 13% during H1

The aggregate profits of food production sector companies listed on the Saudi Stock Exchange “Tadawul” increased by 13.13% by the end of the first six months of this year, reaching about 2.52 billion riyals compared to 2.23 billion riyals in profits for the same period of the previous year, with an increase in net profits estimated at about 0.293 million riyals.

“Almarai” Company achieved the highest net profits among the sector companies by the end of the first six months of this year, with a value of 1.31 billion riyals, an increase of more than 10.05% compared to the profits of the same period in 2023, which amounted to 1.19 billion riyals at that time.

Savola Group came in second place with net profits of 484.1 million riyals compared to 524.78 million riyals in the same six-month profits of the previous year, a decrease of 7.75%, while SADAFCO recorded the third highest profits among the sector companies with a value of 254.04 million riyals compared to the company’s profits in the same period in 2023 amounting to 198.98 million.

In fourth place in terms of the highest profits came “Nadec” with net profits of 213.21 million riyals compared to 102.82 million in the same six-month profits of the previous year, an increase of 107.37% to also be the highest in terms of profit growth rate.

While “First Mills” recorded the fifth highest profits among the sector companies with a value of 123.23 million riyals compared to the company’s profits in the same period in 2023 amounting to 108.67 million, recording an increase of 13.4%.

In contrast, the lowest profits at the end of the first six months of this year were for “Eastern Development” at 2.78 million riyals, compared to losses during the same period last year of 2.03 million riyals.

5 companies in the sector achieved net losses at the end of the first six months of 2024, led by “Jazadco” at 53.43 million riyals, followed by “Tabuk Agricultural” at 27.24 million, while “Jaco” had the lowest losses at about 3.59 million riyals.

As for the revenues of the sector’s companies, they increased by 2.34% at the end of the first six months of this year to reach 30.98 billion riyals, compared to 30.27 billion riyals in the same period last year, an increase estimated at about 0.71 billion riyals.

Savola Group topped the highest revenues in the sector, which currently has 17 companies listed, during the mentioned period, with about 13.16 billion riyals, representing 42.3% of the sector’s total revenues, noting that the company’s revenues in the first six months of the previous year amounted to about 13.9 billion riyals, a decline of 5.4% on an annual basis.

Almarai Company came in second place with revenues of 10.61 billion riyals, an increase of 7.7% over the company’s revenues in the first six months of last year, which amounted to about 9.86 billion riyals at that time.

Al-Qassim Holding Company for Investment (formerly Al-Qassim Agricultural Company) achieved the lowest revenues in the sector by the end of the first six months of this year, with a value of 5.02 million riyals, a decline of 3.5% on an annual basis over the value of the company’s revenues in the first six months of last year, which amounted to about 5.2 million riyals at that time.

Al-Sharqiya Development Company came in second place in terms of the lowest revenues in that period, with a value of 12.48 million riyals. The Saudi Fisheries Company also ranked third among the lowest in terms of revenues in the sector by the end of the first six months of this year, with a value of 15.7 million riyals, a decline of 43% year-on-year from the company’s revenues in the first six months of last year, which amounted to about 27.56 million riyals at that time. Tabuk Agricultural Development Company recorded the highest decline in revenues by the end of the first six months of 2024, by 52.9% to 22.7 million riyals, while Al-Jouf Agricultural Development Company achieved the highest growth rate in revenues by about 68.5% to 273.55 million riyals.