Tanmiah Food Co. reported a net profit after Zakat and tax of SAR 25.9 million for the first nine months of 2021, a decline of 41% from SAR 44 million in the year-earlier period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 880.05 | 1,124.79 | 27.8 % |
| Gross Income | 218.38 | 252.64 | 15.7 % |
| Operating Income | 67.28 | 46.98 | (30.2 %) |
| Net Income | 44.03 | 25.92 | (41.1 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 2.20 | 1.30 | (41.1 %) |
The lower profit was attributed to a rise in selling and distribution expenses, as well as the cost of sales/revenue, along with higher general and administrative expenses (G&A).
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 304.29 | 389.94 | 28.1 % |
| Gross Income | 79.06 | 85.14 | 7.7 % |
| Operating Income | 25.04 | 11.27 | (55.0 %) |
| Net Income | 17.52 | 3.71 | (78.8 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.88 | 0.19 | (78.8 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 366.52 | 389.94 | 6.4 % |
| Gross Income | 78.18 | 85.14 | 8.9 % |
| Operating Income | 9.59 | 11.27 | 17.5 % |
| Net Income | 3.42 | 3.71 | 8.6 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.17 | 0.19 | 8.6 % |
In Q3 2021, the company’s net profit after Zakat and tax plunged 79% to SAR 3.7 million, from SAR 17.5 million a year earlier on higher G&A, selling and distribution expenses.
On a quarterly basis, the company’s net profit grew by 8.3% from SAR 3.4 million, driven by higher revenue.
Shareholders’ equity, after minority interest, increased by 14% to SAR 373.7 million as of Sept. 30, 2021, from SAR 327.9 million a year earlier.
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