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.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 983.14 | 1,221.20 | 24.2 % |
| Gross Income | 225.89 | 308.50 | 36.6 % |
| Operating Income | 57.90 | 82.30 | 42.1 % |
| Net Income | 32.40 | 45.00 | 38.9 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 1.62 | 2.25 | 38.9 % |
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.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 498.66 | 639.80 | 28.3 % |
| Gross Income | 105.94 | 164.10 | 54.9 % |
| Operating Income | 21.50 | 42.80 | 99.1 % |
| Net Income | 11.41 | 24.00 | 110.3 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.57 | 1.20 | 110.3 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 581.36 | 639.80 | 10.1 % |
| Gross Income | 144.46 | 164.10 | 13.6 % |
| Operating Income | 39.50 | 42.80 | 8.4 % |
| Net Income | 20.96 | 24.00 | 14.5 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 1.05 | 1.20 | 14.5 % |
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.
| Company | Estimated | Actual | Change |
|---|---|---|---|
| CENOMI RETAIL | (1.00) | 81.00 | 8,200.0 % |
| MIS | 19.43 | 43.00 | 121.3 % |
| MAADEN | 826.50 | 1,024.02 | 23.9 % |
| BINDAWOOD | 64.50 | 72.65 | 12.6 % |
| SPIMACO | 36.00 | 34.00 | (5.6 %) |
| ALARABIA | 90.43 | 47.32 | (47.7 %) |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| CENOMI RETAIL | (1.00) | 81.00 | 8,200.0 % |
| MIS | 19.43 | 43.00 | 121.3 % |
| MAADEN | 826.50 | 1,024.02 | 23.9 % |
| BINDAWOOD | 64.50 | 72.65 | 12.6 % |
| TANMIAH | 23.00 | 24.00 | 4.3 % |
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