Tanmiah 9M 2024 profit rises 39% to SAR 69.1M; Q3 at SAR 24.1M

03/11/2024 Argaam Exclusive

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Tanmiah Food Co.’s net profit leapt 39% to SAR 69.1 million in the first nine months of 2024, from SAR 49.6 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,516.87	1,878.60	23.8 %
Gross Income	343.26	476.00	38.7 %
Operating Income	90.00	130.40	44.9 %
Net Income	49.57	69.10	39.4 %
Average Shares	20.00	20.00	-
EPS (Riyals)	2.48	3.46	39.4 %

The year-on-year (YoY) profit rise was attributed to a 24% surge in revenues to SAR 1.87 billion, driven by increased production capacity for fresh poultry, growth in fresh poultry sales volume, enhanced geographic coverage, intensified marketing activities, and expanded distribution channels.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	533.74	657.40	23.2 %
Gross Income	117.37	167.40	42.6 %
Operating Income	32.10	48.10	49.8 %
Net Income	17.17	24.10	40.4 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.86	1.21	40.4 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	639.81	657.40	2.8 %
Gross Income	164.07	167.40	2.0 %
Operating Income	42.80	48.10	12.4 %
Net Income	24.02	24.10	0.3 %
Average Shares	20.00	20.00	-
EPS (Riyals)	1.20	1.21	0.3 %

Earnings leapt YoY by 40% to SAR 24.10 million in Q3 2024, as revenues jumped 23% and gross profit increased by 43%.

On quarterly basis, Q3 net profit edged up 0.3% from SAR 24.02 million in Q2 2024.

Total shareholders’ equity, after minority interest, increased to SAR 649.9 million as of Sept. 30, 2024, from SAR 594.2 million in the year-earlier period.

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