Tanmiah Food net profit drops 16% to SAR 22.2 mln in H1 2021

22/08/2021 Argaam Exclusive

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Tanmiah Food Co. reported a net profit after Zakat and tax of SAR 22.2 million for the first half of 2021, a drop of 16% from SAR 26.5 million a year earlier.

The lower net profit was attributed to higher selling, distribution, general and administrative expenses.

Tanmiah also reported an increase in the cost of sales due to higher volume and grain prices in the global commodity markets. On the other hand, the company reported improved sales from the quick service restaurants (QSR) business amid eased COVID-19 restrictions.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	575.76	734.86	27.6 %
Gross Income	139.32	167.50	20.2 %
Operating Income	42.24	35.72	(15.4 %)
Net Income	26.51	22.21	(16.2 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	1.33	1.11	(16.2 %)

In Q2 2021, net profit after Zakat and tax plummeted 68% to SAR 3.4 million from SAR 10.5 million in the year-ago period.

The company cited an increase in selling, distribution, general and administrative expenses.

Sequentially, Tanmiah’s net profit after Zakat and tax tumbled 82% from SAR 18.8 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	280.14	366.52	30.8 %
Gross Income	66.29	78.18	17.9 %
Operating Income	18.10	9.59	(47.0 %)
Net Income	10.46	3.42	(67.3 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.52	0.17	(67.3 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	368.34	366.52	(0.5 %)
Gross Income	89.32	78.18	(12.5 %)
Operating Income	26.12	9.59	(63.3 %)
Net Income	18.79	3.42	(81.8 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.94	0.17	(81.8 %)

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