Almunajem Foods H1 2023 net earnings down 37% to SAR 139.4 mln; Q2 at SAR 57.6 mln

Almunajem Foods Co. reported net earnings of SAR 139.4 million in H1 2023, a 37% drop from SAR 219.7 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,500.48	1,674.35	11.6 %
Gross Income	368.49	290.93	(21.0 %)
Operating Income	222.93	142.48	(36.1 %)
Net Income	219.68	139.45	(36.5 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	3.66	2.32	(36.5 %)

This was driven by lower gross profit and decreased profit margins of most product segments despite higher sales volumes. The company also cited a 2% YoY hike in operating expenses (OpEx) to SAR 148.5 million by the end of the six-month period. However, the OpEx-to-revenue ratio retreated from 9.7% in H1 2022 to 8.9% in H1 2023.

Q2 2023 net profit reached SAR 57.60 million, a decline of 52.8% from SAR 122.12 million a year earlier, due to a 31% YoY plunge in gross profit to SAR 135.20 million. This was as a result of reduced profit margins of red and white meat, frozen fruits, vegetables, and dairy segments.

On a quarterly basis, Q2 net earnings fell 29.7% from SAR 81.88 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	712.48	772.39	8.4 %
Gross Income	195.96	135.22	(31.0 %)
Operating Income	121.75	60.74	(50.1 %)
Net Income	122.12	57.56	(52.9 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	2.04	0.96	(52.9 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	901.96	772.39	(14.4 %)
Gross Income	155.71	135.22	(13.2 %)
Operating Income	81.73	60.74	(25.7 %)
Net Income	81.88	57.56	(29.7 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	1.36	0.96	(29.7 %)

Shareholders’ equity, no minority interest, stood at SAR 980 million as of June 30, 2023, compared to SAR 904.4 million in the prior-year period.

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Share Price

Almunajem Foods Co. (ALMUNAJEM)

	Current
Market Cap (M Riyal)	6,840.00
Enterprise Value (EV) (M)	6,770.05
Shares Outstanding ((M))	60.00
EPS ( Riyal) (TTM)	5.34
Book Value (BV) ( Riyal)	17.17
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	21.61
P/E (TTM)	21.34
Price/book	6.64
Return on Average Assets (%) (TTM)	19.8
Return on Average Equity (%) (TTM)	31.9

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	2,482.24	-	383.93	-	161.99	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	2,497.35	0.6 %	411.87	7.3 %	184.38	13.8 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	2,419.06	(3.1 %)	334.65	(18.7 %)	104.03	(43.6 %)
Q1 2020	687.58	-	138.11	-	77.63	-
Q2 2020	602.41	-	126.89	-	61.62	-
Q3 2020	626.38	-	122.27	-	60.68	-
Q4 2020	622.09	-	100.28	-	30.96	-
2020	2,538.45	4.9 %	487.55	45.7 %	230.88	121.9 %
Q1 2021	628.06	(8.7 %)	97.44	(29.5 %)	33.21	(57.2 %)
Q2 2021	614.48	2.0 %	109.00	(14.1 %)	41.10	(33.3 %)
Q3 2021	654.99	4.6 %	119.60	(2.2 %)	55.44	(8.6 %)
Q4 2021	679.50	9.2 %	115.34	15.0 %	49.12	58.6 %
2021	2,577.02	1.5 %	441.37	(9.5 %)	178.88	(22.5 %)
Q1 2022	788.01	25.5 %	172.53	77.1 %	101.18	204.7 %
Q2 2022	712.48	15.9 %	195.96	79.8 %	121.75	196.2 %
Q3 2022	730.20	11.5 %	123.78	3.5 %	55.23	(0.4 %)
Q4 2022	747.84	10.1 %	90.99	(21.1 %)	23.88	(51.4 %)
2022	2,978.52	15.6 %	583.26	32.1 %	302.04	68.9 %
Q1 2023	901.96	14.5 %	155.71	(9.7 %)	81.73	(19.2 %)
Q2 2023	772.39	8.4 %	135.22	(31.0 %)	60.74	(50.1 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	2,482.24	-	383.93	-	161.99	-
2018	2,497.35	0.6 %	411.87	7.3 %	184.38	13.8 %
2019	2,419.06	(3.1 %)	334.65	(18.7 %)	104.03	(43.6 %)
2020	2,538.45	4.9 %	487.55	45.7 %	230.88	121.9 %
2021	2,577.02	1.5 %	441.37	(9.5 %)	178.88	(22.5 %)
2022	2,978.52	15.6 %	583.26	32.1 %	302.04	68.9 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	163.25	-	2.72	-	163.25	2.72
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	149.48	(8.4 %)	2.49	(23.48)	172.96	2.88
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	109.17	(27.0 %)	1.82	12.41	96.76	1.61
Q1 2020	75.67	-	1.26	-	75.67	1.26
Q2 2020	59.42	-	0.99	-	59.42	0.99
Q3 2020	66.80	-	1.11	10.25	56.55	0.94
Q4 2020	27.79	-	0.46	-	27.79	0.46
2020	229.68	110.4 %	3.83	10.25	219.43	3.66
Q1 2021	29.47	(61.1 %)	0.49	-	29.47	0.49
Q2 2021	37.99	(36.1 %)	0.63	-	37.99	0.63
Q3 2021	52.66	(21.2 %)	0.88	-	52.66	0.88
Q4 2021	45.98	65.5 %	0.77	-	45.98	0.77
2021	166.09	(27.7 %)	2.77	-	166.09	2.77
Q1 2022	97.56	231.1 %	1.63	-	97.56	1.63
Q2 2022	122.12	221.5 %	2.04	2.50	119.62	1.99
Q3 2022	53.62	1.8 %	0.89	-	53.62	0.89
Q4 2022	16.90	(63.2 %)	0.28	-	16.90	0.28
2022	290.20	74.7 %	4.84	2.50	287.70	4.80
Q1 2023	81.88	(16.1 %)	1.36	5.50	76.38	1.27
Q2 2023	57.56	(52.9 %)	0.96	-	57.56	0.96

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	163.25	-	2.72	-	163.25	2.72
2018	149.48	(8.4 %)	2.49	(23.48)	172.96	2.88
2019	109.17	(27.0 %)	1.82	12.41	96.76	1.61
2020	229.68	110.4 %	3.83	10.25	219.43	3.66
2021	166.09	(27.7 %)	2.77	-	166.09	2.77
2022	290.20	74.7 %	4.84	2.50	287.70	4.80

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	15.47 %	7.62 %	6.58 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	16.49 %	8.49 %	6.93 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	13.83 %	5.71 %	4.00 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	19.21 %	10.55 %	8.64 %
2020	19.21 %	10.55 %	8.64 %
Q1 2021	18.03 %	9.02 %	6.99 %
Q2 2021	17.22 %	8.14 %	6.09 %
Q3 2021	16.92 %	7.82 %	5.87 %
Q4 2021	17.13 %	8.34 %	6.45 %
2021	17.13 %	8.34 %	6.45 %
Q1 2022	18.87 %	10.35 %	8.56 %
Q2 2022	21.28 %	12.86 %	11.14 %
Q3 2022	20.88 %	12.56 %	10.89 %
Q4 2022	19.58 %	11.45 %	9.66 %
2022	19.58 %	11.45 %	9.66 %
Q1 2023	18.32 %	10.37 %	8.62 %
Q2 2023	16.04 %	8.22 %	6.49 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	15.47 %	7.62 %	6.58 %
2018	16.49 %	8.49 %	6.93 %
2019	13.83 %	5.71 %	4.00 %
2020	19.21 %	10.55 %	8.64 %
2021	17.13 %	8.34 %	6.45 %
2022	19.58 %	11.45 %	9.66 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	20.09 %	12.60 %	11.00 %
Q2 2020	21.06 %	11.76 %	9.86 %
Q3 2020	19.52 %	11.21 %	9.03 %
Q4 2020	16.12 %	6.46 %	4.47 %
Q1 2021	15.51 %	6.73 %	4.69 %
Q2 2021	17.74 %	8.17 %	6.18 %
Q3 2021	18.26 %	9.81 %	8.04 %
Q4 2021	16.97 %	8.57 %	6.77 %
Q1 2022	21.89 %	14.04 %	12.38 %
Q2 2022	27.50 %	18.45 %	16.79 %
Q3 2022	16.95 %	8.91 %	7.34 %
Q4 2022	12.17 %	4.53 %	2.26 %
Q1 2023	17.26 %	10.01 %	8.47 %
Q2 2023	17.51 %	9.07 %	7.45 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	60.00	-	-	8.99
Q2 2020	60.00	-	-	8.76
Q3 2020	60.00	-	-	8.41
Q4 2020	60.00	3.83	3.66	10.67
Q1 2021	60.00	3.06	2.89	11.17
Q2 2021	60.00	2.70	2.53	11.80
Q3 2021	60.00	2.47	2.47	12.68
Q4 2021	60.00	2.77	2.77	13.41
Q1 2022	60.00	3.90	3.90	15.04
Q2 2022	60.00	5.31	5.26	15.07
Q3 2022	60.00	5.32	5.28	14.72
Q4 2022	60.00	4.84	4.80	15.01
Q1 2023	60.00	4.58	4.44	16.37
Q2 2023	60.00	3.50	3.41	16.33

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	60.00	2.72	2.72	8.88
2018	60.00	2.49	2.88	7.97
2019	60.00	1.82	1.61	7.73
2020	60.00	3.83	3.66	10.67
2021	60.00	2.77	2.77	13.41
2022	60.00	4.84	4.80	15.01

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	20.99	20.99	4.33
Q1 2022	15.63	15.63	4.06
Q2 2022	11.10	11.19	3.91
Q3 2022	12.97	13.07	4.69
Q4 2022	12.69	12.80	4.09
Q1 2023	12.72	13.10	3.55
Q2 2023	18.72	19.22	4.01

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	20.99	20.99	4.33
2022	12.69	12.80	4.09

Business Segments (Million)

Compared With The

Period	Wholesale goods-in-transit& food services	Retail goods-in-transit	Storage rent revenue
Q1 2020	401.89	284.09	1.60
Q2 2020	304.78	295.59	2.04
Q3 2020	384.57	239.88	1.93
Q4 2020	392.00	228.55	1.54
Q1 2021	348.08	278.34	1.63
Q2 2021	378.14	234.31	2.04
Q3 2021	421.05	231.70	2.24
Q4 2021	442.62	234.47	2.40
Q1 2022	458.20	326.49	3.32
Q2 2022	421.01	288.15	3.31
Q3 2022	427.49	299.79	2.92
Q4 2022	442.14	303.20	2.50
Q1 2023	485.63	412.86	3.48
Q2 2023	492.04	276.47	3.88

Period	Wholesale goods-in-transit& food services	Retail goods-in-transit	Storage rent revenue
2019	1,543.80	867.45	7.81
2020	1,483.24	1,048.11	7.10
2021	1,589.88	978.83	8.31
2022	1,748.94	1,217.54	12.04

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Almunajem Foods H1 2023 net earnings down 37% to SAR 139.4 mln; Q2 at SAR 57.6 mln

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Almunajem Foods H1 2023 net earnings down 37% to SAR 139.4 mln; Q2 at SAR 57.6 mln

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Almunajem Foods Co. (ALMUNAJEM)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

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