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Balady Poultry’s net profits drop nearly 3% in 9M-23; dividends for Q3-23 unveiled

Balady Poultry’s net profits drop nearly 3% in 9M-23; dividends for Q3-23 unveiled
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BALADY
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-0.88% 135.80 -1.20
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Riyadh – Mubasher:  The net profit after Zakat and tax of Balady Poultry Company declined by 2.84% year-on-year (YoY) to SAR 64.20 million in the first nine months (9M) of 2023, compared to SAR 66.08 million.

The company’s earnings per share (EPS) reached SAR 9.77 in 9M-23, down from SAR 10.05 in 9M-22, as per the preliminary financial statements.

The revenues of the Saudi firm rose by 16.91% YoY to SAR 530.03 million in January-September 2023 when compared with SAR 453.37 million.

Financial Results for Q3

In the third quarter (Q3) of 2023, the company reported a net profit after Zakat and tax of SAR 23.93 million, a decrease of 19.77% YoY from SAR 29.83 million.

The revenues of Balady Poultry grew by 6.13% YoY to SAR 185.47 million in July-September 2023, compared to SAR 174.76 million.

On a quarterly basis, the net profits in Q3-23 increased by 50.11% from SAR 15.94 million in Q2-23 and the revenues rose by 10.80% from SAR 167.38 million.

Dividends for Q3-23

The board of Balady Poultry approved during its 6 November meeting a cash dividends payout worth SAR 6.57 million, representing 10% of the capital, for Q3-23.

The company will distribute a dividend of SAR 1 per share for 6.57 million eligible shares.

Furthermore, the eligibility and payment dates for the dividends will be 30 November and 10 December 2023, respectively.