Financial Results : Alamar Foods turns to SAR 16.8M net loss in Q1 2024

Alamar Foods turns to SAR 16.8M net loss in Q1 2024

19/05/2024 Argaam Exclusive

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Alamar Foods Co. reported a net loss of SAR 16.8 million for Q1 2024, versus a net profit of SAR 14.3 million in the year-earlier period, on the negative operating leverage effect as well as non-recurring costs of SAR 11 million recognized in the first quarter of 2024.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 249.75 206.85 (17.2 %)
Gross Income 69.97 50.65 (27.6 %)
Operating Income 17.56 (13.67) (177.9 %)
Net Income 14.32 (16.62) (216.1 %)
Average Shares 25.50 25.50 -
EPS (Riyals) 0.56 (0.65) (216.1 %)

Sales decreased primarily driven by the impact from the ongoing regional geopolitical situation, and Ramadan seasonality shift.

 

Net profit was weighed down by negative operating leverage effect as well as non-recurring costs of SAR 11 million recognized in the first quarter of 2024.

 

On a quarterly basis, the company swung to a net loss, versus a net profit of SAR 6.06 million in Q4 2023, on lower sales.

 

Shareholders’ equity, after minority interest, reached SAR 285 million by March 31, 2024, compared to SAR 321 million in the prior-year period.

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