Almunajem Foods 2022 profit leaps 75% to SAR 290.2 mln, Q4 at SAR 16.9 mln

23/03/2023 Argaam Exclusive

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Almunajem Foods Co. posted a net profit of SAR 290.2 million for 2022, up 75% compared to SAR 166.1 million in the previous year.

Financials (M)

Item	2021	2022	Change‬
Revenues	2,577.02	2,978.52	15.6 %
Gross Income	441.37	583.26	32.1 %
Operating Income	178.88	302.04	68.9 %
Net Income	166.09	290.20	74.7 %
Average Shares	60.00	60.00	-
EPS (Riyals)	2.77	4.84	74.7 %

The profit growth was due to an increase in revenue by 15.6% year-on-year (YoY) to SAR 2.97 billion on improved trade conditions. In addition, gross profit leapt by 33.2% YoY on improved profit margins in almost all categories.

However, operating expenses rose by 9% YoY to SAR 286 million, and Zakat expense was up 29.8% to SAR 19 million.

The company's Q4 2022 net profit fell 63% to SAR 16.90 million, compared to SAR 45.98 million a year earlier.

On a sequential basis, Q4 2022 net profit fell 68.5% from SAR 53.62 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	679.50	747.84	10.1 %
Gross Income	115.34	90.99	(21.1 %)
Operating Income	49.12	23.88	(51.4 %)
Net Income	45.98	16.90	(63.2 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.77	0.28	(63.2 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	730.20	747.84	2.4 %
Gross Income	123.78	90.99	(26.5 %)
Operating Income	55.23	23.88	(56.8 %)
Net Income	53.62	16.90	(68.5 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.89	0.28	(68.5 %)

Shareholders' equity, no minority interest, at the end of 2022 amounted to SAR 900.5 million, compared to SAR 804.7 million in 2021.

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