Financial Results : Almunajem Foods 9M 2023 profit falls 27% to SAR 200.6 mln; Q3 at SAR 61.1 mln

Almunajem Foods 9M 2023 profit falls 27% to SAR 200.6 mln; Q3 at SAR 61.1 mln

15/10/2023 Argaam Exclusive

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Almunajem Foods Co. posted a net profit of SAR 200.6 million for the first nine months of 2023, down 27% compared with SAR 273.3 million a year earlier.


Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 2,230.68 2,485.23 11.4 %
Gross Income 492.27 425.84 (13.5 %)
Operating Income 278.16 207.13 (25.5 %)
Net Income 273.30 200.59 (26.6 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 4.56 3.34 (26.6 %)

Profit margins of most product categories declined due to a change in trading conditions despite higher sales of all categories during the nine-month period.

 

Operating expenses rose by 2.1% year-on-year (YoY) to SAR 218.7 million on higher sales volume. However, the ratio of operating expenses to revenue decreased to 8.8% from 9.6% compared with a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 730.20 810.88 11.0 %
Gross Income 123.78 134.91 9.0 %
Operating Income 55.23 64.66 17.1 %
Net Income 53.62 61.14 14.0 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.89 1.02 14.0 %

Meanwhile, the firm reported a rise of 14% in Q3 2023 net profit to SAR 61.1 million, compared with SAR 53.62 million in Q3 2022, as revenue rose 11% YoY to SAR 810.9 million due to higher sales volume across almost all categories.

 

Gross profit edged up by 9% YoY due to higher sales and improved profit margins.

 

On a sequential basis, Q3 2023 net profit increased 6.1% from SAR 57.56 million.

 

Total shareholders' equity, no minority interest, reached SAR 966.1 million at the end of 9M 2023, compared with SAR 883 million in the year-earlier period.

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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 %)
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 %


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
Q2 2023 57.56 (52.9 %) 0.96 - 57.56 0.96
Q3 2023 61.14 14.0 % 1.02 - 61.14 1.02

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 %
Q2 2023 16.04 % 8.22 % 6.49 %
Q3 2023 15.99 % 8.29 % 6.56 %


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
Q2 2023 60.00 3.50 3.41 16.33
Q3 2023 60.00 3.62 3.53 16.10

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
Q2 2023 18.72 19.22 4.01
Q3 2023 19.37 19.87 4.36

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
Q2 2023 492.04 276.47 3.88
Q3 2023 484.79 323.02 3.06


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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