Alamar incurs SAR 3.6M loss in H1 2024; earns SAR 13.1M in Q2

06/08/2024 Argaam Exclusive

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Alamar Foods Co. swung to a net loss of SAR 3.6 million in H1 2024, against earnings of SAR 31.9 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	502.41	433.30	(13.8 %)
Gross Income	148.18	119.49	(19.4 %)
Operating Income	40.18	0.67	(98.3 %)
Net Income	31.86	(3.53)	(111.1 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	1.25	(0.14)	(111.1 %)

The profit decline was due to lower sales on the ongoing geopolitical situation in the region and the currency devaluation in Egypt, in addition to the non-recurring costs recorded in the first quarter of 2024 amounting to SAR 11 million.

The second-quarter net profit dropped 26% to SAR 13.1 million from SAR 17.5 million in Q2 2023, hurt by lower sales.

Meanwhile, the company turned profitable from a loss of SAR 16.62 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	252.66	226.45	(10.4 %)
Gross Income	78.21	68.85	(12.0 %)
Operating Income	22.63	18.86	(16.7 %)
Net Income	17.53	12.31	(29.8 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	0.69	0.48	(29.8 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	206.85	226.45	9.5 %
Gross Income	50.65	68.85	35.9 %
Operating Income	(13.67)	18.86	238.0 %
Net Income	(16.62)	12.31	174.1 %
Average Shares	25.50	25.50	-
EPS (Riyals)	(0.65)	0.48	174.1 %

Shareholders’ equity, after minority interest, declined to SAR 284.47 million as of June 30, 2024, from SAR 326.80 million a year earlier.

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