Alamar Foods 2022 profit falls to SAR 115.6 mln; Q4 at SAR 29.5 mln

26/03/2023 Argaam Exclusive

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Alamar Foods Co. reported a net profit of SAR 115.6 million in 2022, compared to SAR 118.6 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	868.14	1,075.89	23.9 %
Gross Income	307.10	362.35	18.0 %
Operating Income	126.52	135.64	7.2 %
Net Income	118.59	115.56	(2.6 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	4.65	4.53	(2.6 %)

The profit drop was attributed to increased costs of SAR 16.0 million related to the Employees Long Term Incentive Program (LTIP), which Alamar Foods rolled out in 2022, paired with those related to its initial public offering (IPO) on the Saudi Exchange (Tadawul) in the same year.

The company also cited a 23.9% year-on-year (YoY) jump in sales to SAR 1.07 billion in 2022, driven by the growth in sales of similar branches, in addition to the opening of 68 wholly owned others during the year.

Q4 2022 net earnings reached SAR 29.54 million, compared to SAR 31.19 million in the prior-year period.

On a quarterly basis, net profit increased by 57.2% from SAR 18.79 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	245.69	273.14	11.2 %
Gross Income	89.30	90.74	1.6 %
Operating Income	34.67	32.05	(7.6 %)
Net Income	31.19	29.54	(5.3 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	1.22	1.16	(5.3 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	275.80	273.14	(1.0 %)
Gross Income	87.38	90.74	3.8 %
Operating Income	31.34	32.05	2.3 %
Net Income	18.79	29.54	57.2 %
Average Shares	25.50	25.50	-
EPS (Riyals)	0.74	1.16	57.2 %

Total shareholders’ equity, after minority interest, stood at SAR 333.76 million as of Dec. 31, 2022, compared to SAR 340.36 million in the year-earlier period.

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