Financial Results : Tanmiah net profit slumps 92% to SAR 1.5 mln in Q1 2022

Tanmiah net profit slumps 92% to SAR 1.5 mln in Q1 2022

21/04/2022 Argaam Exclusive

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Tanmiah Food Co. reported a net profit after Zakat and tax of SAR 1.5 million for Q1 2022, a slump of 92% from SAR 18.8 million in the year-earlier period, as gross profit remained under pressure due to higher commodity prices and lower recovery of subsidies.

 

Meanwhile, cost of sales increased by 23.4% year-on-year (YoY) and selling, general and administrative expenses (SG&A) rose by 34.3% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 368.34 340.62 (7.5 %)
Gross Income 89.32 70.43 (21.2 %)
Operating Income 26.12 (2.28) (108.7 %)
Net Income 18.79 1.54 (91.8 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 0.94 0.08 (91.8 %)

Compare to Q4 2021, the company swung to net profit from a loss of SAR 12.36 million.

 

Shareholders’ equity, excluding minority rights, dipped to SAR 357.74 million in Q1 2022, from SAR 366.33 million a year earlier.

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