Tanmiah 9M 2023 profit drops 22% to SAR 49.6 mln; Q3 at SAR 17.2 mln

05/11/2023 Argaam Exclusive

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Tanmiah Food Co.’s net profit declined 22% to SAR 49.6 million in the first nine months of 2023, from SAR 63.5 million in the prior-year period.

The third-quarter net profit fell by 46% to SAR 17.2 million from SAR 31.7 million in Q3 2022.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,248.26	1,516.87	21.5 %
Gross Income	300.97	343.26	14.1 %
Operating Income	61.00	90.00	47.5 %
Net Income	63.48	49.57	(21.9 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	3.17	2.48	(21.9 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	471.54	533.74	13.2 %
Gross Income	121.31	117.37	(3.2 %)
Operating Income	35.15	32.10	(8.7 %)
Net Income	31.74	17.17	(45.9 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	1.59	0.86	(45.9 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	498.66	533.74	7.0 %
Gross Income	105.94	117.37	10.8 %
Operating Income	17.84	32.10	80.0 %
Net Income	11.41	17.17	50.5 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.57	0.86	50.5 %

Total shareholders’ equity, no minority interest, increased to SAR 594 million as of Sept. 30, 2023, from SAR 409.59 million in the year-earlier period.

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