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 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	226.45	229.02	1.1 %
Gross Income	68.85	66.56	(3.3 %)
Operating Income	18.86	22.01	16.7 %
Net Income	12.31	20.20	64.1 %
Average Shares	25.50	25.50	-
EPS (Riyals)	0.48	0.79	64.1 %

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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