Financial Results : Almunajem Foods 2021 profit slips 28% to SAR 166.1 mln, Q4 rises 66% to SAR 46 mln

Almunajem Foods 2021 profit slips 28% to SAR 166.1 mln, Q4 rises 66% to SAR 46 mln

21/03/2022 Argaam Exclusive

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Almunajem Foods Co. posted a net profit after Zakat and tax of SAR 166.1 million for 2021, a decline of 28% compared to SAR 229.7 million in the previous year.



Financials (M)

Item 2020 2021 Change‬
Revenues 2,538.45 2,577.02 1.5 %
Gross Income 487.55 441.37 (9.5 %)
Operating Income 230.88 178.88 (22.5 %)
Net Income 229.68 166.09 (27.7 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 3.83 2.77 (27.7 %)

The decrease in profit was driven by lower gross profit and gross profit margin as discounts resumed, following their suspension in 2020.

 

In addition, the firm noted an increase in sales and distribution expenses and higher Zakat expense, along with a rise in expected credit loss provision.

 

Almunajem Foods booked a one-off other income in 2020, amounting to SAR 10.3 million related to a lawsuit filed against one of the service providers. 

 

The net profit after Zakat and tax jumped 66% year-on-year to SAR 46 million in Q4 2021, driven by higher revenue and gross profit, along with lower sales and distribution expenses.

 

On a sequential basis, Q4 net profit fell 12.6% from SAR 52.66 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 622.09 679.50 9.2 %
Gross Income 100.28 115.34 15.0 %
Operating Income 30.96 49.12 58.6 %
Net Income 27.79 45.98 65.5 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.46 0.77 65.5 %

Shareholders' equity, excluding minority interest, at the end of the period amounted to SAR 804.7 million, compared to SAR 640.5 million in 2020.

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