Almunajem earns SAR 278.7M in 2024; Q4 profit down 26% to SAR 60.3M

Almunajem Foods Co.’s net profit declined to SAR 278.7 million by the end of 2024, from SAR 282.2 million in the year-earlier period.​

The slight pullback in 2024 profits was attributed to a 2.7% drop in gross profit due to lower sales volumes of white and red meat. Further, profit margins of these divisions weakened amid pricing pressures and a relative increase in operating expenses on higher employee and logistics costs for the same year.

However, revenues climbed by 1% by year-end, thanks to better commercial conditions for some product categories, coupled with increased sales volumes of some business divisions except for red and white meat.

Additionally, during 2024, Almunajem recognized gains of nearly SAR 22.1 million from Balady Poultry Co. (an associate), compared to nothing in 2023.

Q4 2024 net profit stood at SAR 60.3 million, down 26.1% from SAR 81.62 million in Q4 2023.

On a sequential basis, however, the three-month bottom line rose 48.8% from SAR 40.51 million in Q3 2024.

Total shareholders’ equity (no minority interest) elevated to SAR 1.01 billion by the end of 2024, compared to SAR 927.5 million a year earlier.

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