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Saudia Dairy and Foodstuff Co. announces its Annual Financial Results for the Period Ending on 2022-03-31

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 2,170,3272,105,3983.083
Gross Profit (Loss) 656,630693,826-5.36
Operational Profit (Loss) 237,184285,463-16.912
Net Profit (Loss) after Zakat and Tax 209,052260,893-19.87
Total Comprehensive Income 198,188252,856-21.62
Total Share Holders Equity (after Deducting Minority Equity) 1,540,2031,533,3460.447
Profit (Loss) per Share 6.488.14
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is Performance of SADAFCO has been improving quarter upon quarter with Q4 posting the strongest results of the year. The good Q4 results were driven by strong sales, price increases and efficiency gains.

A satisfactory net margin of 9.6% of SAR 209 Mln (vs 12.4%; SAR 261 Mln Last year) has been achieved despite negative impact of significant cost drivers, mainly: higher costs of our key raw materials; increased local and international logistics costs; reduced purchasing power of consumers due to full year impact of 15% VAT (vs 9 months in last year).

Sales of SAR 2,170 Mln vs (last year’s SAR 2,105 Mln) has increased 3% mainly due to expansion of frozen category; value sales of ice cream + 10%, cheese +7%, tomato paste +2%, and Mlekoma 3rd party sales.

A gross margin of 30% has been achieved even with above mentioned factors due to a better mix favoring Ice Cream.

Selling and distribution expenses as % of sales maintained at 14% (SAR 311 Mln vs SAR 307 Mln).

General and administration expenses maintained at 5% of sales (SAR 113 vs. SAR 109).

Impairment losses on financial assets (provision for trade receivables) is lower by SAR 0.9 Mln (SAR 1.2 Mln vs. SAR 2.1 Mln last year) due to more effective collection process.

Other operating income representing profit on scrap sales is lower.

Finance income is lower due to decline in deposit rates offered by banks.

Zakat and income tax increase is mainly due to SAR 2.6 Mln (Nil last year) income tax as Polish operations have delivered a profit.

Statement of the type of external auditor's report Unmodified opinion
Reclassification of Comparison Items Unmodified opinion
Additional Information SADAFCO has been able to deliver 9.6% in a challenging year through close focus on value generation activities on profitable categories while bringing efficiencies in our operations, logistics and distribution.

The year has witnessed tremendous increase in raw material and logistic costs across the world resulting in high end inflation in food prices throughout the globe. At the same time cost of doing business is also putting pressure on producers. The profit has been generated with keeping close focus on value generation activities on profitable categories while bringing efficiencies in our operations, logistics and distribution.

We are also witnessing longer school year and in-country (KSA) entertainment activities. All this bodes well for our portion/single packs which have a higher profit margin and gives more consumption opportunities to the consumers. We see improvement in our format mix due to this.

During the year Ice Cream factory has become fully operational churning out 22,000 Ice Cream sandwiches per hour enabling us to meet higher consumer demand in summer months.

Work on Makkah Depot project of SAR 27 Mln has initiated and is expected to finish in this Financial Year.

The board approved a half year dividend of SAR 3/share that was paid in January, in addition to final dividend announced in Extra ordinary general meeting of July 2021. This makes the total dividend payment of SAR 192 Mln during the year vs SAR 176 Mln last year.

We continue to generate healthy cashflow from operations and now the major projects of the company have finished reducing the need for investing activities This leads to a robust cash position of SAR 626 Mln.

Shareholders’ equity up at a healthy 1.540 Bln vs 1.533 Bln at 31 Mar 2021.

The earnings per share is computed as follows:

Profit attributable to owners of SADAFCO SAR 207,291,000

Total shares 32,500,000

Treasury shares held by the Company 500,250.

Total shares outstanding 31,999,750

EPS 6.48

Attached Documents  

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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