Financial Results : Alamar’s profit dips to SAR 17M in 9M 2024; Q3 at SAR 20M

Alamar’s profit dips to SAR 17M in 9M 2024; Q3 at SAR 20M

05/11/2024 Argaam Exclusive

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Alamar Foods Co. reported a net profit drop to SAR 17 million in the first nine months of 2024, from SAR 52 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 765.99 662.32 (13.5 %)
Gross Income 227.85 186.06 (18.3 %)
Operating Income 68.60 28.71 (58.2 %)
Net Income 51.92 16.60 (68.0 %)
Average Shares 25.50 25.50 -
EPS (Riyals) 2.04 0.65 (68.0 %)

The company ascribed the lower profit to a drop in sales amid the ongoing geopolitical tensions in the region, in addition to the impact of currency devaluation in Egypt.

 

On the other hand, Alamar said that its marketing initiatives and continuous effort to improve customer experience had partially mitigated this impact, maintaining its recovery from one quarter to the another.

 

Alamar also cited the one-time expenses of SAR 11 million recorded in the first quarter of 2024. The company has returned to profitability due to the above-mentioned initiatives.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 263.58 229.02 (13.1 %)
Gross Income 79.68 66.56 (16.5 %)
Operating Income 25.76 22.01 (14.6 %)
Net Income 20.06 20.20 0.7 %
Average Shares 25.50 25.50 -
EPS (Riyals) 0.79 0.79 0.7 %

In Q3 2024, Alamar’s net profit declined marginally by 0.3% to SAR 20 million, from SAR 20.06 million in Q3 2023 as sales decreased due to the ongoing geopolitical tensions in the region, and currency devaluation in Egypt.

 

Net earnings, however, jumped 62.4% from SAR 12.3 million in the previous quarter, thanks to the positive growth in sales on a relative recovery in some regional markets, driven by the positive impact of the company’s marketing initiatives and endeavors to develop service.

 

Total shareholders’ equity, after minority interest, decreased to SAR 293 million as of Sept. 30, 2024, from SAR 332 million a year earlier.

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Quarterly Actuals vs Estimates 05/11/2024

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