Tanmiah Food 9M 2022 profit surges to SAR 63.5 mln; Q3 at SAR 31.7 mln

07/11/2022 Argaam Exclusive

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Tanmiah Food Co. posted an over twofold increase in 9M 2022 net profit after Zakat and tax to SAR 63.5 million, compared to SAR 25.9 million a year earlier.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,124.79	1,248.26	11.0 %
Gross Income	252.64	300.97	19.1 %
Operating Income	46.98	61.00	29.8 %
Net Income	25.92	63.48	144.9 %
Average Shares	20.00	20.00	-
Earnings Per Share before unusual items (Riyals)	1.30	3.17	144.9 %
EPS (Riyals)	1.30	3.17	144.9 %

The strong performance was driven by a 35.6% rise year-on-year (YoY) in revenue to SAR 1.525 billion.

In Q3 2022, net profit after Zakat and tax skyrocketed to SAR 31.7 million, from SAR 3.71 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	389.94	471.54	20.9 %
Gross Income	85.14	121.31	42.5 %
Operating Income	11.27	35.15	212.0 %
Net Income	3.71	31.74	754.8 %
Average Shares	20.00	20.00	-
Earnings Per Share before unusual items (Riyals)	0.19	1.59	754.8 %
EPS (Riyals)	0.19	1.59	754.8 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	436.10	471.54	8.1 %
Gross Income	109.24	121.31	11.0 %
Operating Income	28.13	35.15	24.9 %
Net Income	30.20	31.74	5.1 %
Average Shares	20.00	20.00	-
Earnings Per Share before unusual items (Riyals)	1.51	1.59	5.1 %
EPS (Riyals)	1.51	1.59	5.1 %

Compared to Q2 2022, Tanmiah’s net profit grew 5.1% from SAR 30.20 million.

Shareholders’ equity, no minority interest, rose to SAR 409.59 million as of Sept. 30, 2022, from SAR 373.65 million a year earlier.

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