Tanmiah Food 2022 profit jumps to SAR 186.8 mln on Tyson Foods partnership, Q4 at SAR 123.3 mln

Tanmiah Food Co. reported a net profit after Zakat and tax of SAR 186.8 million for 2022, compared to SAR 13.6 million in the year-earlier period.

The annual net profit includes a one-off gain of SAR 101.9 million due to the strategic partnership with Tyson Foods.

As announced earlier, Tyson Foods acquired a 60% equity stake in Supreme Foods Processing Co. (SFPC). The gain on the disposal of a 15% equity stake in Agricultural Development Co. (ADC) to Tyson Foods, at SAR 74 million, was recorded directly in equity.

Revenue increased 42.8% year-on-year (YoY) to SAR 1.72 billion, in line with the continued rise in sales across the company’s diversified portfolio of products and services. Gross profit grew significantly by 81.3% in 2022 to SAR 420.2 million, supported by a continued recovery in margins, and enhanced utilization of assets.

Meanwhile, cost of sales rose 33.7% YoY to SAR 1.30 billion, as a result of the rise in sales volumes in 2022.

Q4 net profit stood at SAR 123.3 million, versus a net loss of SAR 12.36 million in a year-earlier period.

On a sequential basis, Q4 net earnings more than tripled from SAR 31.74 million. 

Total shareholders’ equity, after minority interest, stood at SAR 614.37 million as on Dec. 31, 2022, compared to SAR 356.2 million in the prior-year period. 

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