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Food sector profits in KSA grow 13.8% in Q3

Food sector profits in KSA grow 13.8% in Q3
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ALMARAI
2280
-0.37% 54.00 -0.20
SAVOLA GROUP
2050
-0.25% 40.30 -0.10
HB
6001
0.54% 93.70 0.50

NADEC
6010
0.00% 29.20 0.00
ALJOUF
6070
0.13% 37.35 0.05
JAZADCO
6090
-3.08% 18.86 -0.60

Riyadh – Mubasher: Net earnings of eleven Tadawul-listed food companies grew by 13.8% or SAR 107.39 million on a year-on-year (YoY) basis in the third quarter (Q3) of 2020.

Combined profits of the Saudi food sector netted SAR 885.81 million in the quarter ended on 30 September 2020, compared with SAR 778.42 million in the year-ago period, according to data collected by Mubasher based on the companies’ earnings releases.

Two companies saw a rise in profits during the period under review, three returned to profitability, three reported a decline in losses, while two moved to losses and one reported higher losses.

Almarai Company registered SAR 621.5 million worth of net profits in Q3-20, an annual increase of 6.9%, representing 70.17% of total profits.

Moreover, Savola Group achieved quarterly net profits of SAR 283.7 million, up by 27.9% yearly, representing 32.03% of the total value.

In the meantime, Halwani Bros. Company returned to net profits of SAR 25 million during the quarter. 

Likewise, Jazan Energy and Development Company (Jazadco) and Al-Jouf Agricultural Development Company swung to net profits of SAR 8.45 million and SAR 7.6 million, respectively.

On the other hand, the National Agricultural Development Company (NADEC) turned to a net loss of SAR 44.89 million.

During the first nine months of the year, the companies’ net earnings jumped by 55.98% or SAR 964.3 million, standing at SAR 2.69 billion, compared to SAR 1.72 billion in the prior-year period.