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Foods Gate 2022 profit jumps 48% to SAR 8.4 mln
30/05/2023Argaam Exclusive
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Foods Gate Trading Co. (FG) posted a 48% rise in 2022 net profit to SAR 8.4 million, from SAR 5.6 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 60.02 | 61.59 | 2.6 % |
| Gross Income | 17.15 | 18.12 | 5.6 % |
| Operating Income | 5.37 | 8.03 | 49.5 % |
| Net Income | 5.64 | 8.35 | 47.9 % |
| Average Shares | 3.15 | 3.15 | - |
| Earnings Per Share before unusual items (Riyals) | 1.79 | 2.31 | 29.0 % |
| EPS (Riyal) | 1.79 | 2.65 | 47.9 % |
Current Half Annual Comparison (M)
Compared With The
| Item | H2 2021 | H2 2022 | Change |
|---|---|---|---|
| Revenues | 34.93 | 29.83 | (14.6 %) |
| Gross Income | 8.56 | 8.66 | 1.2 % |
| Operating Income | 3.24 | 3.95 | 22.0 % |
| Net Income | 3.89 | 1.94 | (50.1 %) |
| Average Shares | 3.15 | 3.15 | - |
| Earnings Per Share before unusual items (Riyal) | 1.23 | 0.96 | (22.6 %) |
| EPS (Riyal) | 1.23 | 0.62 | (50.1 %) |
| Item | H1 2022 | H2 2022 | Change |
|---|---|---|---|
| Revenues | 31.76 | 29.83 | (6.1 %) |
| Gross Income | 9.45 | 8.66 | (8.4 %) |
| Operating Income | 4.08 | 3.95 | (3.0 %) |
| Net Income | 6.41 | 1.94 | (69.7 %) |
| Average Shares | 3.15 | 3.15 | - |
| Earnings Per Share before unusual items (Riyal) | 1.36 | 0.96 | (29.5 %) |
| EPS (Riyal) | 2.03 | 0.62 | (69.7 %) |
FG attributed the higher annual profit to a drop of 19.16% year-on-year (YoY) in general and administrative expenses, and a 15.66% fall YoY in finance costs.
Despite the negative impact of COVID-19 and social distancing on the food and beverages segment in terms of weak purchasing power and high operating costs, the company maintained its sales volume for 2022.
Shareholders’ equity, no minority interest, increased to SAR 37.24 million by the end of 2022, compared to SAR 28.82 million a year earlier.
Historical development of interim financials | |||
Period | Revenue (SAR mln) | Net Profit (SAR mln) | EPS (SAR) |
H1 2021 | 25.09 | 1.76 | 0.84 |
H2 2021 | 34.93 | 3.88 | 1.85 |
H1 2022 | 31.76 | 6.41 | 3.05 |
H2 2022 | 29.83 | 1.94 | 0.92 |
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Share Price
Foods Gate Trading Co. (FOOD GATE)
| Current | |
| Market Cap (M Riyal) | 92.93 |
| Enterprise Value (EV) (M Riyal) | 75.41 |
| Shares Outstanding ((M)) | 3.15 |
| Book Value (BV) ( Riyal) | 17.32 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 10.61 |
| Price/book | 1.70 |
| EV/adj EBITDA | 4.20 |
| EV/Revenues | 1.22 |
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