Almunajem Foods 9M 2023 profit falls 27% to SAR 200.6 mln; Q3 at SAR 61.1 mln

15/10/2023 Argaam Exclusive

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Share Price

Almunajem Foods Co. (ALMUNAJEM)

Almunajem Foods Co. posted a net profit of SAR 200.6 million for the first nine months of 2023, down 27% compared with SAR 273.3 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	2,230.68	2,485.23	11.4 %
Gross Income	492.27	425.84	(13.5 %)
Operating Income	278.16	207.13	(25.5 %)
Net Income	273.30	200.59	(26.6 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	4.56	3.34	(26.6 %)

Profit margins of most product categories declined due to a change in trading conditions despite higher sales of all categories during the nine-month period.

Operating expenses rose by 2.1% year-on-year (YoY) to SAR 218.7 million on higher sales volume. However, the ratio of operating expenses to revenue decreased to 8.8% from 9.6% compared with a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	730.20	810.88	11.0 %
Gross Income	123.78	134.91	9.0 %
Operating Income	55.23	64.66	17.1 %
Net Income	53.62	61.14	14.0 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.89	1.02	14.0 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	772.39	810.88	5.0 %
Gross Income	135.22	134.91	(0.2 %)
Operating Income	60.74	64.66	6.4 %
Net Income	57.56	61.14	6.2 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.96	1.02	6.2 %

Meanwhile, the firm reported a rise of 14% in Q3 2023 net profit to SAR 61.1 million, compared with SAR 53.62 million in Q3 2022, as revenue rose 11% YoY to SAR 810.9 million due to higher sales volume across almost all categories.

Gross profit edged up by 9% YoY due to higher sales and improved profit margins.

On a sequential basis, Q3 2023 net profit increased 6.1% from SAR 57.56 million.

Total shareholders' equity, no minority interest, reached SAR 966.1 million at the end of 9M 2023, compared with SAR 883 million in the year-earlier period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	-	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	-	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	-	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	2,482.24	-	383.93	-	163.25	-	2.72
Q1 2018	-	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-	-
2018	2,497.35	0.6 %	411.87	7.3 %	149.48	(8.4 %)	2.49
Q1 2019	-	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-	-
2019	2,419.06	(3.1 %)	334.65	(18.7 %)	109.17	(27.0 %)	1.82
Q1 2020	687.58	-	138.11	-	75.67	-	1.26
Q2 2020	602.41	-	126.89	-	59.42	-	0.99
Q3 2020	626.38	-	122.27	-	66.80	-	1.11
Q4 2020	622.09	-	100.28	-	27.79	-	0.46
2020	2,538.45	4.9 %	487.55	45.7 %	229.68	110.4 %	3.83
Q1 2021	628.06	(8.7 %)	97.44	(29.5 %)	29.47	(61.1 %)	0.49
Q2 2021	614.48	2.0 %	109.00	(14.1 %)	37.99	(36.1 %)	0.63
Q3 2021	654.99	4.6 %	119.60	(2.2 %)	52.66	(21.2 %)	0.88
Q4 2021	679.50	9.2 %	115.34	15.0 %	45.98	65.5 %	0.77
2021	2,577.02	1.5 %	441.37	(9.5 %)	166.09	(27.7 %)	2.77
Q1 2022	788.01	25.5 %	172.53	77.1 %	97.56	231.1 %	1.63
Q2 2022	712.48	15.9 %	195.96	79.8 %	122.12	221.5 %	2.04
Q3 2022	730.20	11.5 %	123.78	3.5 %	53.62	1.8 %	0.89
Q4 2022	747.84	10.1 %	90.99	(21.1 %)	16.90	(63.2 %)	0.28
2022	2,978.52	15.6 %	583.26	32.1 %	290.20	74.7 %	4.84
Q1 2023	901.96	14.5 %	155.71	(9.7 %)	81.88	(16.1 %)	1.36
Q2 2023	772.39	8.4 %	135.22	(31.0 %)	57.56	(52.9 %)	0.96
Q3 2023	810.88	11.0 %	134.91	9.0 %	61.14	14.0 %	1.02

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	-	-	-	-	-	-	-
2014	-	-	-	-	-	-	-
2015	-	-	-	-	-	-	-
2016	-	-	-	-	-	-	-
2017	2,482.24	-	383.93	-	163.25	-	2.72
2018	2,497.35	0.6 %	411.87	7.3 %	149.48	(8.4 %)	2.49
2019	2,419.06	(3.1 %)	334.65	(18.7 %)	109.17	(27.0 %)	1.82
2020	2,538.45	4.9 %	487.55	45.7 %	229.68	110.4 %	3.83
2021	2,577.02	1.5 %	441.37	(9.5 %)	166.09	(27.7 %)	2.77
2022	2,978.52	15.6 %	583.26	32.1 %	290.20	74.7 %	4.84

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	15.47 %	7.62 %	6.58 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	16.49 %	8.49 %	6.93 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	13.83 %	5.71 %	4.00 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	19.21 %	10.55 %	8.64 %
2020	19.21 %	10.55 %	8.64 %
Q1 2021	18.03 %	9.02 %	6.99 %
Q2 2021	17.22 %	8.14 %	6.09 %
Q3 2021	16.92 %	7.82 %	5.87 %
Q4 2021	17.13 %	8.34 %	6.45 %
2021	17.13 %	8.34 %	6.45 %
Q1 2022	18.87 %	10.35 %	8.56 %
Q2 2022	21.28 %	12.86 %	11.23 %
Q3 2022	20.88 %	12.56 %	10.97 %
Q4 2022	19.58 %	11.45 %	9.74 %
2022	19.58 %	11.45 %	9.74 %
Q1 2023	18.32 %	10.37 %	8.70 %
Q2 2023	16.04 %	8.22 %	6.49 %
Q3 2023	15.99 %	8.29 %	6.56 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	15.47 %	7.62 %	6.58 %
2018	16.49 %	8.49 %	6.93 %
2019	13.83 %	5.71 %	4.00 %
2020	19.21 %	10.55 %	8.64 %
2021	17.13 %	8.34 %	6.45 %
2022	19.58 %	11.45 %	9.74 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	20.09 %	12.60 %	11.00 %
Q2 2020	21.06 %	11.76 %	9.86 %
Q3 2020	19.52 %	11.21 %	9.03 %
Q4 2020	16.12 %	6.46 %	4.47 %
Q1 2021	15.51 %	6.73 %	4.69 %
Q2 2021	17.74 %	8.17 %	6.18 %
Q3 2021	18.26 %	9.81 %	8.04 %
Q4 2021	16.97 %	8.57 %	6.77 %
Q1 2022	21.89 %	14.04 %	12.38 %
Q2 2022	27.50 %	18.45 %	17.14 %
Q3 2022	16.95 %	8.91 %	7.34 %
Q4 2022	12.17 %	4.53 %	2.26 %
Q1 2023	17.26 %	10.01 %	8.47 %
Q2 2023	17.51 %	9.07 %	7.45 %
Q3 2023	16.64 %	9.12 %	7.54 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	60.00	-	-	8.99
Q2 2020	60.00	-	-	8.76
Q3 2020	60.00	-	-	8.41
Q4 2020	60.00	3.83	3.66	10.67
Q1 2021	60.00	3.06	2.89	11.17
Q2 2021	60.00	2.70	2.53	11.80
Q3 2021	60.00	2.47	2.47	12.68
Q4 2021	60.00	2.77	2.77	13.41
Q1 2022	60.00	3.90	3.90	15.04
Q2 2022	60.00	5.31	5.31	15.07
Q3 2022	60.00	5.32	5.32	14.72
Q4 2022	60.00	4.84	4.84	15.01
Q1 2023	60.00	4.58	4.48	16.37
Q2 2023	60.00	3.50	3.41	16.33
Q3 2023	60.00	3.62	3.53	16.10

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	60.00	2.72	2.72	8.88
2018	60.00	2.49	2.88	7.97
2019	60.00	1.82	1.61	7.73
2020	60.00	3.83	3.66	10.67
2021	60.00	2.77	2.77	13.41
2022	60.00	4.84	4.84	15.01

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	20.99	20.99	4.33
Q1 2022	15.63	15.63	4.06
Q2 2022	11.10	11.10	3.91
Q3 2022	12.97	12.97	4.69
Q4 2022	12.69	12.69	4.09
Q1 2023	12.72	12.98	3.55
Q2 2023	18.72	19.22	4.01
Q3 2023	19.37	19.87	4.36

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	20.99	20.99	4.33
2022	12.69	12.69	4.09

Business Segments (Million)

Compared With The

Period	Wholesale goods-in-transit& food services	Retail goods-in-transit	Storage rent revenue
Q1 2020	401.89	284.09	1.60
Q2 2020	304.78	295.59	2.04
Q3 2020	384.57	239.88	1.93
Q4 2020	392.00	228.55	1.54
Q1 2021	348.08	278.34	1.63
Q2 2021	378.14	234.31	2.04
Q3 2021	421.05	231.70	2.24
Q4 2021	442.62	234.47	2.40
Q1 2022	458.20	326.49	3.32
Q2 2022	421.01	288.15	3.31
Q3 2022	427.49	299.79	2.92
Q4 2022	442.14	303.20	2.50
Q1 2023	485.63	412.86	3.48
Q2 2023	492.04	276.47	3.88
Q3 2023	484.79	323.02	3.06

Period	Wholesale goods-in-transit& food services	Retail goods-in-transit	Storage rent revenue
2019	1,543.80	867.45	7.81
2020	1,483.24	1,048.11	7.10
2021	1,589.88	978.83	8.31
2022	1,748.94	1,217.54	12.04

Financial Ratios

	Current
Market Cap (M Riyal)	6,444.00
Enterprise Value (EV) (M)	6,262.39
Shares Outstanding ((M))	60.00
EPS ( Riyal) (TTM)	5.24
Book Value (BV) ( Riyal)	17.36
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	20.50
P/E (TTM)	20.50
Price/book	6.19
Return on Average Assets (%) (TTM)	18.6
Return on Average Equity (%) (TTM)	31.1

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Almunajem Foods 9M 2023 profit falls 27% to SAR 200.6 mln; Q3 at SAR 61.1 mln

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Share Price

Almunajem Foods Co. (ALMUNAJEM)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

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Almunajem Foods 9M 2023 profit falls 27% to SAR 200.6 mln; Q3 at SAR 61.1 mln

View other reports

Share Price

Almunajem Foods Co. (ALMUNAJEM)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

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Business Segments (Million)