Tanmiah profit rises 39% to SAR 45M in H1 2024; Q2 at SAR 24M

11/08/2024 Argaam Exclusive

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Tanmiah Food Co. reported a net profit of SAR 45 million in the first half of 2024, a rise of 39% from SAR 32.4 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	983.14	1,221.17	24.2 %
Gross Income	225.89	308.54	36.6 %
Operating Income	50.05	74.78	49.4 %
Net Income	32.40	44.97	38.8 %
Average Shares	20.00	20.00	-
EPS (Riyals)	1.62	2.25	38.8 %

The six-month period earnings were buoyed by fresh poultry sales that increased 18% year-on-year (YoY) to SAR 971.4 million.

In Q2 2024, Tanmiah’s bottom line more than doubled to reach SAR 24 million, compared to SAR 11.4 million in the second quarter of 2023, thanks to better revenue from the improved sales of fresh poultry, broader geographical coverage, focused marketing, and enhanced channel expansion.

The company’s gross profit climbed 55% YoY to SAR 164.1 million in Q2 2024, in line with revenue improvement.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	498.66	639.81	28.3 %
Gross Income	105.94	164.07	54.9 %
Operating Income	17.84	42.80	140.0 %
Net Income	11.41	24.02	110.5 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.57	1.20	110.5 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	581.36	639.81	10.1 %
Gross Income	144.46	164.07	13.6 %
Operating Income	35.50	42.80	20.6 %
Net Income	20.96	24.02	14.6 %
Average Shares	20.00	20.00	-
EPS (Riyals)	1.05	1.20	14.6 %

On a sequential basis, net earnings rose 14.5% from SAR 20.9 million in Q1 2024.

Shareholders’ equity, before minority interest, reached SAR 625.8 million by the end of the first half of 2024, up from SAR 577 million a year earlier.

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