Financial Results : Tanmiah Food reports net profit of SAR 21M in Q1 2024

Tanmiah Food reports net profit of SAR 21M in Q1 2024

12/05/2024 Argaam Exclusive

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Tanmiah Food Co. reported a net profit of SAR 21 million Q1 2024, unchanged from the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 484.48 581.36 20.0 %
Gross Income 119.95 144.46 20.4 %
Operating Income 32.21 35.50 10.2 %
Net Income 20.99 20.96 (0.2 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 1.05 1.05 (0.2 %)

Tanmiah recorded a 20% improvement in revenues in Q1 2024, reaching SAR 581.4 million, in line with the continued growth of all business segments.

 

It witnessed a 20.42% rise in gross profit to SAR 144.5 million, in line with the improvement in revenues, outweighing the increase in cost of sales.

 

In addition, operating profit grew by 8.52% to SAR 39.5 million, despite a 25.8% rise in general and administrative expenses during the period.

 

Net profit for Q1 2023 included a one-off subsidy of SAR 15.29 million.

 

Sequentially, Tanmiah’s first-quarter earnings retreated 20.4% from SAR 26.37 million in Q4 2023, due to a slight rise in sales, general and administrative expenses.

 

Shareholders' equity, excluding minority interest, at the end of Q1 2024 amounted to SAR 639.8 million, compared to SAR 635.4 million a year earlier.

Attached Documents:

 

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