Arabian Food and Dairy Factories Co. (FADECO) swung to a net loss after Zakat and tax of SAR 199,000 in H1 2022, against a net profit of SAR 3.5 million a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 24.80 | 27.13 | 9.4 % |
| Gross Income | 11.62 | 10.48 | (9.8 %) |
| Operating Income | 3.62 | 0.09 | (97.4 %) |
| Net Income | 3.48 | (0.20) | (105.7 %) |
| Average Shares | 1.41 | 1.41 | - |
| EPS (Riyals) | 2.47 | (0.14) | (105.7 %) |
The first-half losses were incurred as profit margins dropped to 39% from 47% in H1 2021, due to the high cost of raw materials and higher wages.
Distribution and marketing expenses increased as a percentage of sales rose to 26.76% compared to 24.58% in H1 2021. General and administrative expenses (G&A) as a percentage of sales increased to 8.24% in the current period, from 7.66% last year.
The negative results came despite a rise of 9.40% year-on-year (YoY) in the company’s sales, backed by expansions in new areas, reliance on electronic marketing channels and access to a larger segment of individual customers through delivery platforms.
Shareholders’ equity, after minority interest, decreased to SAR 25.995 million as of June 30, 2022, from SAR 28.102 million a year earlier.
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