Tanmiah 9M 2021 net profit drops 41% to SAR 25.9 mln

08/11/2021 Argaam Exclusive

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Tanmiah Food Co. reported a net profit after Zakat and tax of SAR 25.9 million for the first nine months of 2021, a decline of 41% from SAR 44 million in the year-earlier period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	880.05	1,124.79	27.8 %
Gross Income	218.38	252.64	15.7 %
Operating Income	67.28	46.98	(30.2 %)
Net Income	44.03	25.92	(41.1 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	2.20	1.30	(41.1 %)

The lower profit was attributed to a rise in selling and distribution expenses, as well as the cost of sales/revenue, along with higher general and administrative expenses (G&A).

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	304.29	389.94	28.1 %
Gross Income	79.06	85.14	7.7 %
Operating Income	25.04	11.27	(55.0 %)
Net Income	17.52	3.71	(78.8 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.88	0.19	(78.8 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	366.52	389.94	6.4 %
Gross Income	78.18	85.14	8.9 %
Operating Income	9.59	11.27	17.5 %
Net Income	3.42	3.71	8.6 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.17	0.19	8.6 %

In Q3 2021, the company’s net profit after Zakat and tax plunged 79% to SAR 3.7 million, from SAR 17.5 million a year earlier on higher G&A, selling and distribution expenses.

On a quarterly basis, the company’s net profit grew by 8.3% from SAR 3.4 million, driven by higher revenue.

Shareholders’ equity, after minority interest, increased by 14% to SAR 373.7 million as of Sept. 30, 2021, from SAR 327.9 million a year earlier.

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