Financial Results : Alamar Foods 2023 profit drops 51% to SAR 56.6M; Q4 at SAR 5.7M

Alamar Foods 2023 profit drops 51% to SAR 56.6M; Q4 at SAR 5.7M

26/03/2024 Argaam Exclusive

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Alamar Foods Co. reported a net profit of SAR 56.6 million in 2023, down 51% from SAR 115.3 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,075.89 991.66 (7.8 %)
Gross Income 362.35 293.00 (19.1 %)
Operating Income 135.64 73.88 (45.5 %)
Net Income 115.56 57.98 (49.8 %)
Average Shares 25.50 25.50 -
EPS (Riyals) 4.53 2.27 (49.8 %)

The growth rate of total sales, based on current foreign exchange rates, declined 7.8% year-on-year (YoY). Sales performance was affected by the currency devaluation in Egypt and Lebanon, which affected the sales value by SAR 77 million. In addition, the absence of sales from Expo Dubai weighed down the sales value by SAR 9 million, along with the adverse effects on the business in Q4 due to the recent regional geopolitical tensions.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 273.14 225.66 (17.4 %)
Gross Income 90.74 65.15 (28.2 %)
Operating Income 32.05 10.89 (66.0 %)
Net Income 29.54 6.06 (79.5 %)
Average Shares 25.50 25.50 -
EPS (Riyals) 1.16 0.24 (79.5 %)

Total shareholders’ equity, after minority interest, stood at SAR 321 million by Dec. 31, 2023, compared to SAR 334 million a year ago.

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