Almunajem H1 2024 profit up 28% to SAR 177.8M; Q2 at SAR 63.8M

25/07/2024 Argaam Exclusive

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Almunajem Foods Co. reported net earnings of SAR 177.8 million in H1 2024, a 28% increase from SAR 139.4 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	1,674.35	1,729.23	3.3 %
Gross Income	290.93	328.88	13.0 %
Operating Income	142.48	175.86	23.4 %
Net Income	139.45	177.82	27.5 %
Average Shares	60.00	60.00	-
EPS (Riyals)	2.32	2.96	27.5 %

The profit increase is driven by a 3.3% increase in revenue due to higher sales volume in most of the segments, except for the red and white meat segment, supported by improved trade conditions.

Meanwhile, gross profit margins grew by 13%, driven by improved gross profit margins for the red and white meat and dairy segments.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	772.39	826.29	7.0 %
Gross Income	135.22	133.13	(1.5 %)
Operating Income	60.74	63.80	5.0 %
Net Income	57.56	63.82	10.9 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.96	1.06	10.9 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	902.95	826.29	(8.5 %)
Gross Income	195.76	133.13	(32.0 %)
Operating Income	116.83	63.80	(45.4 %)
Net Income	114.00	63.82	(44.0 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	1.90	1.06	(44.0 %)

Q2 2024 net profit reached SAR 63.8 million, a rise of 10.8% from SAR 57.56 million a year earlier.

On a quarterly basis, Q2 net earnings fell 44% from SAR 114 million.

Shareholders’ equity, no minority interest, stood at SAR 1.03 billion as of June 30, 2024, compared to SAR 980 million in the prior-year period.

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