Almunajem 9M 2024 net profit rises 9% to SAR 218.3M; Q3 drops to SAR 40.5M

06/11/2024 Argaam Exclusive

Almunajem Foods Co. reported a net profit of SAR 218.3 million for the first nine months of 2024, a 9% growth from SAR 200.6 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 2,485.23 2,527.90 1.7 %
Gross Income 425.84 445.50 4.6 %
Operating Income 215.70 220.00 2.0 %
Net Income 200.59 218.30 8.8 %
Average Shares 60.00 60.00 -
EPS (Riyals) 3.34 3.64 8.8 %

This was spurred by a 1.7% increase in revenue year-on-year (YoY) on higher sales volumes and a 4.6% rise in gross profit, despite relative growth of 5.1% in operating expenses on higher selling and distribution expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 810.88 798.70 (1.5 %)
Gross Income 134.91 116.60 (13.6 %)
Operating Income 66.30 38.40 (42.1 %)
Net Income 61.14 40.50 (33.8 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 1.02 0.68 (33.8 %)

Q3 2024 net profit stood at SAR 40.5 million, a decline of 34% YoY from SAR 61.1 million, due to lower revenue, decreased gross profit and the relative increase in operating expenses.

 

On a sequential basis, net earnings slumped 36.5% from SAR 63.8 million in Q2 2024.

 

Total shareholders’ equity (no minority equity) stood at SAR 1.07 billion by Sept. 30, 2024, compared to SAR 966.1 million a year earlier.

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Quarterly Actuals vs Estimates 06/11/2024

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Share Price

Almunajem Foods Co.
105.00
(10.20) (8.85 %)

Almunajem Foods Co. (ALMUNAJEM)

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Financial Ratios
Current
Market Cap (M Riyal) 6,912.00
Enterprise Value (EV) (M) 6,842.05
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 5.00
Book Value (BV) ( Riyal) 17.85
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.36
P/E (TTM) 23.04
Price/book 6.45
Return on Average Assets (%) (TTM) 18.9
Return on Average Equity (%) (TTM) 29.4
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