Tanmiah Food Co. recorded a net profit of SAR 75.9 million 2023, compared with SAR 186.8 million in the year-ago period.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,727.04 | 2,093.09 | 21.2 % |
| Gross Income | 420.19 | 494.77 | 17.8 % |
| Operating Income | 94.89 | 121.91 | 28.5 % |
| Net Income | 186.81 | 75.94 | (59.3 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 9.34 | 3.80 | (59.3 %) |
The Tadawul-listed firm said the 2022 financials included a one-off gain of SAR 101.9 million due to the strategic partnership with Tyson Foods.
Net profit was also affected by lower subsidies and increasing pressure on prices, along with the continued expansion of fresh poultry and Popeyes stores.
This came despite continued improvement in sales across the company’s core business segments. Fresh poultry remained the key driver, while food franchise operations witnessed a threefold revenue increase.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 478.78 | 576.22 | 20.4 % |
| Gross Income | 119.22 | 151.51 | 27.1 % |
| Operating Income | 33.89 | 46.70 | 37.8 % |
| Net Income | 123.33 | 26.37 | (78.6 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 6.17 | 1.32 | (78.6 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 533.74 | 576.22 | 8.0 % |
| Gross Income | 117.37 | 151.51 | 29.1 % |
| Operating Income | 28.65 | 46.70 | 63.0 % |
| Net Income | 17.17 | 26.37 | 53.6 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.86 | 1.32 | 53.6 % |
The company posted a net profit of SAR 26.4 million in Q4 2023, compared with SAR 123.33 million a year ago, as Q4 2022 included the one-off gain of SAR 101.9 million from partnership with Tyson Foods. Adjusting for this gain, Tanmiah’s net profit would have jumped 23%.
Sequentially, Tanmiah’s fourth-quarter earnings leapt from SAR 17.17 million in Q3 2023.
Shareholders' equity, excluding minority interest, at the end of 2023 amounted to SAR 618.8 million, compared to SAR 614.37 million a year earlier.
Attached Documents
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}