Tanmiah Food Co. reported a net profit after Zakat and tax of SAR 22.2 million for the first half of 2021, a drop of 16% from SAR 26.5 million a year earlier.
The lower net profit was attributed to higher selling, distribution, general and administrative expenses.
Tanmiah also reported an increase in the cost of sales due to higher volume and grain prices in the global commodity markets. On the other hand, the company reported improved sales from the quick service restaurants (QSR) business amid eased COVID-19 restrictions.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 575.76 | 734.86 | 27.6 % |
| Gross Income | 139.32 | 167.50 | 20.2 % |
| Operating Income | 42.24 | 35.72 | (15.4 %) |
| Net Income | 26.51 | 22.21 | (16.2 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 1.33 | 1.11 | (16.2 %) |
In Q2 2021, net profit after Zakat and tax plummeted 68% to SAR 3.4 million from SAR 10.5 million in the year-ago period.
The company cited an increase in selling, distribution, general and administrative expenses.
Sequentially, Tanmiah’s net profit after Zakat and tax tumbled 82% from SAR 18.8 million.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 280.14 | 366.52 | 30.8 % |
| Gross Income | 66.29 | 78.18 | 17.9 % |
| Operating Income | 18.10 | 9.59 | (47.0 %) |
| Net Income | 10.46 | 3.42 | (67.3 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.52 | 0.17 | (67.3 %) |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 368.34 | 366.52 | (0.5 %) |
| Gross Income | 89.32 | 78.18 | (12.5 %) |
| Operating Income | 26.12 | 9.59 | (63.3 %) |
| Net Income | 18.79 | 3.42 | (81.8 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.94 | 0.17 | (81.8 %) |
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