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.
| 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 | 2.10 | 2.10 | - |
| EPS (Riyals) | 2.69 | 3.97 | 47.9 % |
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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