Nofoth posts 36% profit leap to SAR 42.7M in 2023

25/03/2024 Argaam Exclusive

Nofoth Food Products Co. posted a net profit jump of 36% to SAR 42.7 million in 2023 from SAR 31.5 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 270.20 308.19 14.1 %
Gross Income 147.76 182.97 23.8 %
Operating Income 32.77 42.69 30.3 %
Net Income 31.49 42.67 35.5 %
Average Shares 48.00 48.00 -
EPS (Riyals) 0.66 0.89 35.5 %

The profit growth was attributed to a 14.06% rise year-on-year (YoY) in revenue to SAR 308.18 million in 2023, backed by higher selling channels and the company’s expansions.

 

Gross profit climbed 23.83% YoY to SAR 182.97 million as Nofoth reconsidered production costs, renegotiated with suppliers, and increased automated operations in the factories.

 

The company also developed its business models.



Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 134.48 152.57 13.5 %
Gross Income 75.48 91.50 21.2 %
Operating Income 17.37 19.68 13.3 %
Net Income 16.12 20.62 27.9 %
Average Shares 48.00 48.00 -
EPS (Riyals) 0.34 0.43 27.9 %

Shareholders’ equity, no minority interest, reached SAR 106.38 million as of Dec. 31, 2023, up from SAR 68.41 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2021

80.91

12.39

0.26

H2 2021

115.71

14.46

0.30

H1 2022

135.72

15.37

0.32

H2 2022

134.48

16.12

0.34

H1 2023

155.62

22.05

0.46

H2 2023

152.57

20.62

0.43

 

View more financial results

 

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Share Price

Nofoth Food Products Co.
18.30
0.82 4.69 %

Nofoth Food Products Co. (NOFOTH)

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Financial Ratios
Current
Market Cap (M Riyal) 878.40
Enterprise Value (EV) (M) 813.05
Shares Outstanding ((M)) 48.00
Book Value (BV) ( Riyal) 2.22
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 20.59
Price/book 8.26
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 80.91 - 37.91 - 11.41 -
H2 2021 115.71 - 61.54 - 13.50 -
H1 2022 135.72 67.7 % 72.28 90.7 % 15.40 34.9 %
H2 2022 134.48 16.2 % 75.48 22.7 % 17.37 28.6 %
H1 2023 155.62 14.7 % 91.47 26.5 % 23.01 49.4 %
H2 2023 152.57 13.5 % 91.50 21.2 % 19.68 13.3 %
2023 308.19 14.1 % 182.97 23.8 % 42.69 30.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 12.39 - 0.26 - 12.39 0.26
H2 2021 14.46 - 0.30 - 14.46 0.30
H1 2022 15.37 24.1 % 0.32 - 15.37 0.32
H2 2022 16.12 11.4 % 0.34 - 16.12 0.34
H1 2023 22.05 43.5 % 0.46 - 22.05 0.46
H2 2023 20.62 27.9 % 0.43 - 20.62 0.43
2023 42.67 35.5 % 0.89 - 42.67 0.89

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 50.58 % 18.70 % 13.65 %
H1 2022 53.22 % 17.51 % 11.87 %
H2 2022 54.68 % 18.92 % 11.65 %
H1 2023 57.55 % 20.93 % 13.16 %
H2 2023 59.37 % 20.69 % 13.85 %
2023 59.37 % 20.69 % 13.85 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 48.00 - - 0.54
H2 2021 48.00 0.56 0.56 0.81
H1 2022 48.00 0.62 0.62 1.10
H2 2022 48.00 0.66 0.66 1.43
H1 2023 48.00 0.80 0.80 1.78
H2 2023 48.00 0.89 0.89 2.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 10.39 10.39 4.63
H2 2023 12.43 12.43 4.99

Business Segments (Million)

Compared With The
Period Food and Beverage Revenue Sales commissions revenue Franchise Fee Revenue

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