Almunajem 2023 profit falls 3% to SAR 282.2M; Q4 at SAR 81.6M
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Almunajem Foods Co. posted a net profit of SAR 282.2 million for 2023, down 3% compared with SAR 290.2 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 2,978.52 | 3,314.40 | 11.3 % |
| Gross Income | 583.26 | 582.31 | (0.2 %) |
| Operating Income | 302.04 | 293.64 | (2.8 %) |
| Net Income | 290.20 | 282.21 | (2.8 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 4.84 | 4.70 | (2.8 %) |
Profit margins declined for some product categories such as fruits, vegetables and dairy products.
Meanwhile, the company logged an 11.3% increase in revenue and a drop in operating expenses as a percentage of revenue from 9.4% in 2022 to 8.7% in 2023.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 747.84 | 829.18 | 10.9 % |
| Gross Income | 90.99 | 156.47 | 72.0 % |
| Operating Income | 23.88 | 86.50 | 262.2 % |
| Net Income | 16.90 | 81.62 | 383.1 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.28 | 1.36 | 383.1 % |
Almunajem reported a surge in Q4 2023 net profit to SAR 81.6 million, compared with SAR 16.9 million in Q4 2022, backed by a 10.9% rise year-on-year (YoY) in revenue on higher sales volume across almost all categories.
On a sequential basis, Q4 2023 net profit increased 33.5% from SAR 61.14 million. Topline grew by 2.3% quarter-on-quarter (QoQ). Gross profit also jumped 16% QoQ to SAR 156.5 million.
Total shareholders' equity, no minority interest, reached SAR 927.5 million by the end of 2023, compared with SAR 900.5 million in the year-earlier period.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 901.96 | 14.5 % | 155.71 | (9.7 %) | 81.73 | (19.2 %) |
| Q2 2023 | 772.39 | 8.4 % | 135.22 | (31.0 %) | 60.74 | (50.1 %) |
| Q3 2023 | 810.88 | 11.0 % | 134.91 | 9.0 % | 64.66 | 17.1 % |
| Q4 2023 | 829.18 | 10.9 % | 156.47 | 72.0 % | 86.50 | 262.2 % |
| 2023 | 3,314.40 | 11.3 % | 582.31 | (0.2 %) | 293.64 | (2.8 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 81.88 | (16.1 %) | 1.36 | 5.50 | 76.38 | 1.27 |
| Q2 2023 | 57.56 | (52.9 %) | 0.96 | - | 57.56 | 0.96 |
| Q3 2023 | 61.14 | 14.0 % | 1.02 | - | 61.14 | 1.02 |
| Q4 2023 | 81.62 | 383.1 % | 1.36 | - | 81.62 | 1.36 |
| 2023 | 282.21 | (2.8 %) | 4.70 | 5.50 | 276.71 | 4.61 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 18.32 % | 10.37 % | 8.62 % |
| Q2 2023 | 16.04 % | 8.22 % | 6.49 % |
| Q3 2023 | 15.99 % | 8.29 % | 6.56 % |
| Q4 2023 | 17.57 % | 9.96 % | 8.35 % |
| 2023 | 17.57 % | 9.96 % | 8.35 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 60.00 | 4.58 | 4.44 | 16.37 |
| Q2 2023 | 60.00 | 3.50 | 3.41 | 16.33 |
| Q3 2023 | 60.00 | 3.62 | 3.53 | 16.10 |
| Q4 2023 | 60.00 | 4.70 | 4.61 | 15.46 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 12.72 | 13.10 | 3.55 |
| Q2 2023 | 18.72 | 19.22 | 4.01 |
| Q3 2023 | 19.37 | 19.87 | 4.36 |
| Q4 2023 | 15.67 | 15.98 | 4.77 |
Business Segments (Million)
Q4 2023
| Period | Wholesale goods-in-transit& food services | Retail goods-in-transit | Storage rent revenue |
|---|---|---|---|
| Q1 2023 | 485.63 | 412.86 | 3.48 |
| Q2 2023 | 492.04 | 276.47 | 3.88 |
| Q3 2023 | 484.79 | 323.02 | 3.06 |
| Q4 2023 | 515.97 | 310.21 | 3.00 |
| Current | |
| Market Cap (M Riyal) | 5,736.00 |
| Enterprise Value (EV) (M) | 5,759.52 |
| Shares Outstanding ((M)) | 60.00 |
| EPS ( Riyal) (TTM) | 5.00 |
| Book Value (BV) ( Riyal) | 17.85 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 19.12 |
| P/E (TTM) | 19.12 |
| Price/book | 5.36 |
| Return on Average Assets (%) (TTM) | 18.4 |
| Return on Average Equity (%) (TTM) | 29.5 |
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