Net profits of listed food and agriculture firms grew by 15.5 percent to reach SR 987.1 million in the first quarter of the current year compared to SR 855 million in the same period last year, according to a financial report.
Sales of the sector, however, fell by 1.34 percent to SR 11 billion compared to SR11.13 billion in Q1, 2013, the report, filed by Al-Hayat daily said.
The sector is composed of 14 listed companies whose market capitalization is worth SR118 billion, or 6 percent of the market value of the capital market. Their capitals stood at SR16.4 billion, the report said.
According to the report, sales of Savola Group were the highest among the agriculture and food sector companies at SR6.49 billion in Q1 compared to SR6.13 billion in Q1, 2013, or an increase of 6 percent.
Similarly, its profits rose by 43.4 percent to SR423 million in Q1 compared to SR295 million in Q1,2013, the report said.
Profits of Al-Marai, meanwhile, grew to SR273.6 million in Q1 compared to SR255.1 million in Q1, 2013, or an increase of 7.25 percent.
Accordingly, earning per share (EPS) of the company rose to SR0.44 compared to SR0.43.
However, sales of the company dropped by 9.6 percent to SR 2.72 billion compared to SR3 billion, the report said.
On the other hand, sales of the National Agricultural Development Company (NADEC) rose by 8.05 percent to SR484 million in Q1 compared to SR448 million in Q1, 2013.
It realized a profit growth rate of 11.21 percent, or SR24.8 million in Q1 compared to SR22.3 million in Q1, 2013, the report said.
Saudi Airlines Catering realized profits of SR161.78 million in Q1, 2014, compared to SR140.75 million, or an increase of 15 percent.
Likewise, profits of Saudi Dairy and Foodstuff Co. (SADAFCO) grew to SR171.53 million in Q1 compared to SR164.72 million in Q1, 2013, or an increase of 4.14 percent. Profits of Herfy Food Services Company grew to SR48 million in Q1 compared to SR46.46 million in Q1, 2013, an increase of 3.32 percent, the report said.
However, six firms sustained losses in Q1 as follows: Saudi Fishery Co. SR10.3 million, Anaam International Holding Group SR7.53 million, Qasim Agro Co. SR 7.43 million, Jazan Development Co. SR2.07 million, Ash-Sharqiyah Development Company SR1.53, Bisha Agricultural Development Co. SR 172,000, the report said.
Profits of listed food, agro firms up 15% to SR987m in Q1
