Tanmiah Food logs SAR 75.9M profit in 2023; Q4 at SAR 26.4M

11/02/2024 Argaam Exclusive

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Tanmiah Food Co. recorded a net profit of SAR 75.9 million 2023, compared with SAR 186.8 million in the year-ago period.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,727.04	2,093.09	21.2 %
Gross Income	420.19	494.77	17.8 %
Operating Income	94.89	121.91	28.5 %
Net Income	186.81	75.94	(59.3 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	9.34	3.80	(59.3 %)

The Tadawul-listed firm said the 2022 financials included a one-off gain of SAR 101.9 million due to the strategic partnership with Tyson Foods.

Net profit was also affected by lower subsidies and increasing pressure on prices, along with the continued expansion of fresh poultry and Popeyes stores.

This came despite continued improvement in sales across the company’s core business segments. Fresh poultry remained the key driver, while food franchise operations witnessed a threefold revenue increase.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	478.78	576.22	20.4 %
Gross Income	119.22	151.51	27.1 %
Operating Income	33.89	43.21	27.5 %
Net Income	123.33	26.37	(78.6 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	6.17	1.32	(78.6 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	533.74	576.22	8.0 %
Gross Income	117.37	151.51	29.1 %
Operating Income	32.10	43.21	34.6 %
Net Income	17.17	26.37	53.6 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.86	1.32	53.6 %

The company posted a net profit of SAR 26.4 million in Q4 2023, compared with SAR 123.33 million a year ago, as Q4 2022 included the one-off gain of SAR 101.9 million from partnership with Tyson Foods. Adjusting for this gain, Tanmiah’s net profit would have jumped 23%.

Sequentially, Tanmiah’s fourth-quarter earnings leapt from SAR 17.17 million in Q3 2023.

Shareholders' equity, excluding minority interest, at the end of 2023 amounted to SAR 618.8 million, compared to SAR 614.37 million a year earlier.

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