Alamar’s H1 2022 net profit rises 10% to SAR 66.8 mln; Q2 at SAR 23.6 mln

17/08/2022 Argaam Exclusive

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Alamar Foods Co. reported a net profit after Zakat and tax of SAR 66.8 million in H1 2022, an increase of 10%, compared to SAR 60.9 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	401.65	526.95	31.2 %
Gross Income	142.35	184.24	29.4 %
Operating Income	61.93	72.25	16.7 %
Net Income	61.91	67.22	8.6 %
Average Shares	25.50	25.50	-
EPS (Riyals)	2.43	2.64	8.6 %

This was triggered by the significant growth in sales, partially offset by the increase in the costs of raw materials as well as some expenses that are related to the second quarter only.

The company’s Q2 2022 net profit after Zakat and tax dropped 8% to SAR 23.6 million from SAR 25.66 million a year earlier, driven by higher costs of raw materials and increased expenses related to the three-month period.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	197.51	255.98	29.6 %
Gross Income	65.42	85.36	30.5 %
Operating Income	26.31	27.00	2.6 %
Net Income	25.51	23.98	(6.0 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	1.00	0.94	(6.0 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	270.97	255.98	(5.5 %)
Gross Income	98.88	85.36	(13.7 %)
Operating Income	45.26	27.00	(40.3 %)
Net Income	43.24	23.98	(44.5 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	1.70	0.94	(44.5 %)

On a sequential basis, net profit dropped by 45.3%, impacted by the seasonality factors due to Ramadan.

Total shareholders’ equity, excluding minority interest, stood at SAR 345.991 million by the end of H1 2022, compared to SAR 281.813 million in the year-earlier period.

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