Almunajem 9M 2024 net profit rises 9% to SAR 218.3M; Q3 drops to SAR 40.5M

06/11/2024 Argaam Exclusive

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Almunajem Foods Co. reported a net profit of SAR 218.3 million for the first nine months of 2024, a 9% growth from SAR 200.6 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	2,485.23	2,527.93	1.7 %
Gross Income	425.84	445.52	4.6 %
Operating Income	207.13	215.63	4.1 %
Net Income	200.59	218.33	8.8 %
Average Shares	60.00	60.00	-
EPS (Riyals)	3.34	3.64	8.8 %

This was spurred by a 1.7% increase in revenue year-on-year (YoY) on higher sales volumes and a 4.6% rise in gross profit, despite relative growth of 5.1% in operating expenses on higher selling and distribution expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	810.88	798.70	(1.5 %)
Gross Income	134.91	116.64	(13.5 %)
Operating Income	64.66	39.78	(38.5 %)
Net Income	61.14	40.51	(33.7 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	1.02	0.68	(33.7 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	826.29	798.70	(3.3 %)
Gross Income	133.13	116.64	(12.4 %)
Operating Income	59.02	39.78	(32.6 %)
Net Income	63.82	40.51	(36.5 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	1.06	0.68	(36.5 %)

Q3 2024 net profit stood at SAR 40.5 million, a decline of 34% YoY from SAR 61.1 million, due to lower revenue, decreased gross profit and the relative increase in operating expenses.

On a sequential basis, net earnings slumped 36.5% from SAR 63.8 million in Q2 2024.

Total shareholders’ equity (no minority interest) stood at SAR 1.07 billion by Sept. 30, 2024, compared to SAR 966.1 million a year earlier.

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