Alamar Foods Co. reported a net profit of SAR 115.6 million in 2022, compared to SAR 118.6 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 868.14 | 1,075.89 | 23.9 % |
| Gross Income | 307.10 | 362.35 | 18.0 % |
| Operating Income | 126.52 | 135.64 | 7.2 % |
| Net Income | 118.59 | 115.56 | (2.6 %) |
| Average Shares | 25.50 | 25.50 | - |
| EPS (Riyals) | 4.65 | 4.53 | (2.6 %) |
The profit drop was attributed to increased costs of SAR 16.0 million related to the Employees Long Term Incentive Program (LTIP), which Alamar Foods rolled out in 2022, paired with those related to its initial public offering (IPO) on the Saudi Exchange (Tadawul) in the same year.
The company also cited a 23.9% year-on-year (YoY) jump in sales to SAR 1.07 billion in 2022, driven by the growth in sales of similar branches, in addition to the opening of 68 wholly owned others during the year.
Q4 2022 net earnings reached SAR 29.54 million, compared to SAR 31.19 million in the prior-year period.
On a quarterly basis, net profit increased by 57.2% from SAR 18.79 million in Q3 2022.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 245.69 | 273.14 | 11.2 % |
| Gross Income | 89.30 | 90.74 | 1.6 % |
| Operating Income | 34.67 | 32.05 | (7.6 %) |
| Net Income | 31.19 | 29.54 | (5.3 %) |
| Average Shares | 25.50 | 25.50 | - |
| EPS (Riyals) | 1.22 | 1.16 | (5.3 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 275.80 | 273.14 | (1.0 %) |
| Gross Income | 87.38 | 90.74 | 3.8 % |
| Operating Income | 31.34 | 32.05 | 2.3 % |
| Net Income | 18.79 | 29.54 | 57.2 % |
| Average Shares | 25.50 | 25.50 | - |
| EPS (Riyals) | 0.74 | 1.16 | 57.2 % |
Total shareholders’ equity, after minority interest, stood at SAR 333.76 million as of Dec. 31, 2022, compared to SAR 340.36 million in the year-earlier period.
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