Almunajem Foods 9M 2022 profit rises to SAR 273.3 mln; Q3 at SAR 53.6 mln

06/11/2022 Argaam Exclusive

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Almunajem Foods Co. posted a net profit after Zakat and tax of SAR 273.3 million for the first nine months of 2022, compared with SAR 120.1 million a year earlier.

The profit growth was due to higher revenues and gross profit, despite an increase in total operating costs and Zakat expense.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,897.53	2,230.68	17.6 %
Gross Income	326.04	492.27	51.0 %
Operating Income	129.76	278.16	114.4 %
Net Income	120.11	273.30	127.5 %
Average Shares	60.00	60.00	-
EPS (Riyals)	2.00	4.56	127.5 %

Meanwhile, the firm reported a rise of 2% in Q3 2022 net profit to SAR 53.6 million, compared with SAR 52.6 million in Q3 2021, boosted by strong revenues.

On a sequential basis, Q3 2022 net profit dropped 56.1% from SAR 122.12 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	654.99	730.20	11.5 %
Gross Income	119.60	123.78	3.5 %
Operating Income	55.44	55.23	(0.4 %)
Net Income	52.66	53.62	1.8 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.88	0.89	1.8 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	712.48	730.20	2.5 %
Gross Income	195.96	123.78	(36.8 %)
Operating Income	121.75	55.23	(54.6 %)
Net Income	122.12	53.62	(56.1 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	2.04	0.89	(56.1 %)

Total shareholders' equity, after minority interest, reached SAR 883 million at the end of 9M 2022, compared with SAR 760.6 million in year-earlier period.

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