Tanmiah Food profit soars to SAR 21 mln in Q1 2023

Tanmiah Food Co.’s Q1 2023 net profit skyrocketed to SAR 21 million, from SAR 1.5 million in the year-earlier period.

The company recorded a remarkable rise in revenue of 42.2% year-on-year (YoY) to SAR 484.5 million, as it maintained higher sales volumes across its portfolio. Fresh poultry remained the primary contributor to the solid top line performance, with revenue amounting to SAR 406 million, an increase of 37.4% YoY.

Gross profit increased significantly by 70.3% YoY in Q1 2023 to SAR 120 million, on the back of the pickup in revenue, which outweighed the increase in the cost of sales. This came in addition to a sustained recovery in margins, and enhanced utilization of assets.

On the other hand, the cost of sales increased 34.9% YoY to SAR 364.5 million. Tanmiah also reported a 26.2% YoY increase in selling, general and administrative expenses.

Compared to Q4 2022, the first-quarter net profit plunged 83% from SAR 123.33 million.

 The Q4 2022 net profit included a one-off gain of SAR 101.9 million from the acquisition of a 60% stake in Supreme Foods Processing Co. (SFPC) by Tyson Foods.

Shareholders’ equity, after minority interest, rose to SAR 635.4 million as of March 31, 2023, from SAR 357.7 million a year earlier.

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