Financial Results : Almunajem Foods Q1 2023 profit falls 16% to SAR 81.9 mln

Almunajem Foods Q1 2023 profit falls 16% to SAR 81.9 mln

16/04/2023 Argaam Exclusive

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Almunajem Foods Co. reported a net profit of SAR 81.9 million for Q1 2023, a fall of 16% from SAR 97.6 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 788.01 901.96 14.5 %
Gross Income 172.53 155.71 (9.7 %)
Operating Income 101.18 81.73 (19.2 %)
Net Income 97.56 81.88 (16.1 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 1.63 1.36 (16.1 %)

The profit decline was attributed to a decrease in gross profit by 9.7% year-on-year (YoY) to SAR 155.7 million, as well as an increase in total operating expenses by 3.7% YoY to SAR 74 million.

 

This was despite a rise in revenue by 14.5% YoY to SAR 902 million and an increase in sales volume.

 

On a sequential basis, Q1 2023 net profit soared from SAR 16.9 million.

 

Total shareholders' equity, no minority interest, at the end of the period amounted to SAR 982.4 million, compared to SAR 902.3 million in Q1 2022.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 687.58 - 138.11 - 77.63 -
Q2 2020 602.41 - 126.89 - 61.62 -
Q3 2020 626.38 - 122.27 - 60.68 -
Q4 2020 622.09 - 100.28 - 30.96 -
Q1 2021 628.06 (8.7 %) 97.44 (29.5 %) 33.21 (57.2 %)
Q2 2021 614.48 2.0 % 109.00 (14.1 %) 41.10 (33.3 %)
Q3 2021 654.99 4.6 % 119.60 (2.2 %) 55.44 (8.6 %)
Q4 2021 679.50 9.2 % 115.34 15.0 % 49.12 58.6 %
Q1 2022 788.01 25.5 % 172.53 77.1 % 101.18 204.7 %
Q2 2022 712.48 15.9 % 195.96 79.8 % 121.75 196.2 %
Q3 2022 730.20 11.5 % 123.78 3.5 % 55.23 (0.4 %)
Q4 2022 747.84 10.1 % 90.99 (21.1 %) 23.88 (51.4 %)
Q1 2023 901.96 14.5 % 155.71 (9.7 %) 81.73 (19.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 75.67 - 1.26 - 75.67 1.26
Q2 2020 59.42 - 0.99 - 59.42 0.99
Q3 2020 66.80 - 1.11 10.25 56.55 0.94
Q4 2020 27.79 - 0.46 - 27.79 0.46
Q1 2021 29.47 (61.1 %) 0.49 - 29.47 0.49
Q2 2021 37.99 (36.1 %) 0.63 - 37.99 0.63
Q3 2021 52.66 (21.2 %) 0.88 - 52.66 0.88
Q4 2021 45.98 65.5 % 0.77 - 45.98 0.77
Q1 2022 97.56 231.1 % 1.63 - 97.56 1.63
Q2 2022 122.12 221.5 % 2.04 2.50 119.62 1.99
Q3 2022 53.62 1.8 % 0.89 - 53.62 0.89
Q4 2022 16.90 (63.2 %) 0.28 - 16.90 0.28
Q1 2023 81.88 (16.1 %) 1.36 5.50 76.38 1.27

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 19.21 % 10.55 % 8.64 %
Q1 2021 18.03 % 9.02 % 6.99 %
Q2 2021 17.22 % 8.14 % 6.09 %
Q3 2021 16.92 % 7.82 % 5.87 %
Q4 2021 17.13 % 8.34 % 6.45 %
Q1 2022 18.87 % 10.35 % 8.56 %
Q2 2022 21.28 % 12.86 % 11.14 %
Q3 2022 20.88 % 12.56 % 10.89 %
Q4 2022 19.58 % 11.45 % 9.66 %
Q1 2023 18.32 % 10.37 % 8.62 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 60.00 - - 8.99
Q2 2020 60.00 - - 8.76
Q3 2020 60.00 - - 8.41
Q4 2020 60.00 3.83 3.66 10.67
Q1 2021 60.00 3.06 2.89 11.17
Q2 2021 60.00 2.70 2.53 11.80
Q3 2021 60.00 2.47 2.47 12.68
Q4 2021 60.00 2.77 2.77 13.41
Q1 2022 60.00 3.90 3.90 15.04
Q2 2022 60.00 5.31 5.26 15.07
Q3 2022 60.00 5.32 5.28 14.72
Q4 2022 60.00 4.84 4.80 15.01
Q1 2023 60.00 4.58 4.44 16.37

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 20.99 20.99 4.33
Q1 2022 15.63 15.63 4.06
Q2 2022 11.10 11.19 3.91
Q3 2022 12.97 13.07 4.69
Q4 2022 12.69 12.80 4.09
Q1 2023 12.72 13.10 3.55

Business Segments (Million)

Compared With The
Period Wholesale goods-in-transit& food services Retail goods-in-transit Storage rent revenue
Q1 2020 401.89 284.09 1.60
Q2 2020 304.78 295.59 2.04
Q3 2020 384.57 239.88 1.93
Q4 2020 392.00 228.55 1.54
Q1 2021 348.08 278.34 1.63
Q2 2021 378.14 234.31 2.04
Q3 2021 421.05 231.70 2.24
Q4 2021 442.62 234.47 2.40
Q1 2022 458.20 326.49 3.32
Q2 2022 421.01 288.15 3.31
Q3 2022 427.49 299.79 2.92
Q4 2022 442.14 303.20 2.50
Q1 2023 485.63 412.86 3.48


Financial Ratios
Current
Market Cap (M Riyal) 5,862.00
Enterprise Value (EV) (M) 5,885.52
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) 19.54
P/E (TTM) 19.54
Price/book 5.47
Return on Average Assets (%) (TTM) 18.4
Return on Average Equity (%) (TTM) 29.5
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Share Price

Almunajem Foods Co.
97.70
(1.30) (1.31 %)

Almunajem Foods Co. (ALMUNAJEM)

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