Almarai’s net profit declines 21% to SAR 1.563 bln in 2021

23/01/2022 Argaam Exclusive

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Almarai Co. reported a net profit after Zakat and tax of SAR 1.563 billion for 2021, a 21% decline from SAR 1.984 billion a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	15,356.95	15,849.72	3.2 %
Gross Income	5,535.51	5,059.27	(8.6 %)
Operating Income	2,600.76	2,100.42	(19.2 %)
Net Income	1,984.36	1,563.54	(21.2 %)
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	1.98	1.56	(21.2 %)

The Saudi diary giant faced a challenging year due to the base year effect of COVID-19 and the value-added tax (VAT) rate change related purchases last year. As a result, GCC revenue were at same level of last year. However, robust growth in Egypt, Jordan and non-branded products, mainly alfalfa sales driven by de-stocking program, helped record positive growth.

Gross profit decreased by 8.6% year-on-year (YoY), at a lower margin rate, due to two structural adjustments related to subsidy reduction and change of alfalfa feed consumption to 100% imported basis.

In addition, the dairy producer noted an increase in selling and distribution expenses, general and administrative expenses, and other expense.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	3,819.59	4,257.41	11.5 %
Gross Income	1,232.43	1,192.71	(3.2 %)
Operating Income	507.41	407.41	(19.7 %)
Net Income	335.90	286.53	(14.7 %)
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.34	0.29	(14.7 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	3,941.73	4,257.41	8.0 %
Gross Income	1,275.71	1,192.71	(6.5 %)
Operating Income	537.89	407.41	(24.3 %)
Net Income	409.09	286.53	(30.0 %)
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.41	0.29	(30.0 %)

Almarai’s net profit after Zakat and tax dropped 15% year-on-year to SAR 286.5 million in Q4 2021.

On a sequential basis, Q4 net profit slipped 30% from SAR 409.1 million on seasonality of sales.

Shareholders' equity (excluding minority interest) at the end of 2021 amounted to SAR 16.119 billion, compared to SAR 15.687 billion a year-ago.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2012	2,040.35	17.0 %	707.30	11.5 %	292.46	0.3 %
Q2 2012	2,524.14	25.4 %	921.72	18.7 %	434.58	7.1 %
Q3 2012	2,672.99	27.0 %	1,012.19	17.5 %	508.59	6.6 %
Q4 2012	2,645.52	26.6 %	869.87	20.2 %	437.30	27.4 %
2012	9,883.00	24.3 %	3,511.08	17.2 %	1,672.93	10.2 %
Q1 2013	2,411.03	18.2 %	827.80	17.0 %	300.84	2.9 %
Q2 2013	2,873.88	13.9 %	1,034.49	12.2 %	483.97	11.4 %
Q3 2013	2,926.09	9.5 %	1,104.95	9.2 %	553.63	8.9 %
Q4 2013	3,008.18	13.7 %	995.50	14.4 %	458.17	4.8 %
2013	11,219.18	13.5 %	3,962.73	12.9 %	1,796.61	7.4 %
Q1 2014	2,718.92	12.8 %	918.95	11.0 %	313.29	4.1 %
Q2 2014	3,286.52	14.4 %	1,149.16	11.1 %	516.01	6.6 %
Q3 2014	3,269.37	11.7 %	1,390.72	25.9 %	644.74	16.5 %
Q4 2014	3,330.76	10.7 %	1,133.79	13.9 %	523.58	14.3 %
2014	12,605.57	12.4 %	4,592.63	15.9 %	1,997.63	11.2 %
Q1 2015	3,037.31	11.7 %	1,110.34	20.8 %	378.09	20.7 %
Q2 2015	3,649.52	11.0 %	1,388.04	20.8 %	638.75	23.8 %
Q3 2015	3,523.58	7.8 %	1,446.52	4.0 %	672.71	4.3 %
Q4 2015	3,584.20	7.6 %	1,338.37	18.0 %	572.51	9.3 %
2015	13,794.62	9.4 %	5,283.26	15.0 %	2,262.05	13.2 %
Q1 2016	3,373.79	11.1 %	1,127.55	1.5 %	383.35	1.4 %
Q2 2016	3,925.89	7.6 %	1,520.89	9.6 %	771.01	20.7 %
Q3 2016	3,530.34	0.2 %	1,485.41	2.7 %	745.39	10.8 %
Q4 2016	3,508.56	(2.1 %)	1,388.64	3.8 %	709.42	23.9 %
2016	14,338.58	3.9 %	5,522.49	4.5 %	2,609.18	15.3 %
Q1 2017	3,383.53	0.3 %	1,177.43	4.4 %	466.89	21.8 %
Q2 2017	3,760.36	(4.2 %)	1,554.93	2.2 %	833.09	8.1 %
Q3 2017	3,372.92	(4.5 %)	1,516.00	2.1 %	834.11	11.9 %
Q4 2017	3,418.73	(2.6 %)	1,335.27	(3.8 %)	709.16	0.0 %
2017	13,935.53	(2.8 %)	5,583.64	1.1 %	2,843.25	9.0 %
Q1 2018	3,232.21	(4.5 %)	1,254.43	6.5 %	563.11	20.6 %
Q2 2018	3,672.33	(2.3 %)	1,448.45	(6.8 %)	791.74	(5.0 %)
Q3 2018	3,317.36	(1.6 %)	1,399.20	(7.7 %)	780.43	(6.4 %)
Q4 2018	3,381.18	(1.1 %)	1,262.94	(5.4 %)	629.06	(11.3 %)
2018	13,557.84	(2.7 %)	5,327.07	(4.6 %)	2,771.63	(2.5 %)
Q1 2019	3,308.89	2.4 %	1,163.91	(7.2 %)	504.61	(10.4 %)
Q2 2019	3,767.42	2.6 %	1,466.22	1.2 %	780.48	(1.4 %)
Q3 2019	3,573.26	7.7 %	1,443.77	3.2 %	770.15	(1.3 %)
Q4 2019	3,703.94	9.5 %	1,293.51	2.4 %	533.32	(15.2 %)
2019	14,351.28	5.9 %	5,366.67	0.7 %	2,590.07	(6.6 %)
Q1 2020	3,592.44	8.6 %	1,253.19	7.7 %	513.26	1.7 %
Q2 2020	4,081.84	8.3 %	1,535.19	4.7 %	790.40	1.3 %
Q3 2020	3,863.08	8.1 %	1,514.70	4.9 %	789.70	2.5 %
Q4 2020	3,819.59	3.1 %	1,232.43	(4.7 %)	507.41	(4.9 %)
2020	15,356.95	7.0 %	5,535.51	3.1 %	2,600.76	0.4 %
Q1 2021	3,645.01	1.5 %	1,235.11	(1.4 %)	533.57	4.0 %
Q2 2021	4,005.57	(1.9 %)	1,355.74	(11.7 %)	621.55	(21.4 %)
Q3 2021	3,941.73	2.0 %	1,275.71	(15.8 %)	537.89	(31.9 %)
Q4 2021	4,257.41	11.5 %	1,192.71	(3.2 %)	407.41	(19.7 %)
2021	15,849.72	3.2 %	5,059.27	(8.6 %)	2,100.42	(19.2 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	9,883.00	24.3 %	3,511.08	17.2 %	1,672.93	10.2 %
2013	11,219.18	13.5 %	3,962.73	12.9 %	1,796.61	7.4 %
2014	12,605.57	12.4 %	4,592.63	15.9 %	1,997.63	11.2 %
2015	13,794.62	9.4 %	5,283.26	15.0 %	2,262.05	13.2 %
2016	14,338.58	3.9 %	5,522.49	4.5 %	2,609.18	15.3 %
2017	13,935.53	(2.8 %)	5,583.64	1.1 %	2,843.25	9.0 %
2018	13,557.84	(2.7 %)	5,327.07	(4.6 %)	2,771.63	(2.5 %)
2019	14,351.28	5.9 %	5,366.67	0.7 %	2,590.07	(6.6 %)
2020	15,356.95	7.0 %	5,535.51	3.1 %	2,600.76	0.4 %
2021	15,849.72	3.2 %	5,059.27	(8.6 %)	2,100.42	(19.2 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2012	242.12	2.9 %	0.24	-	242.12	0.24
Q2 2012	379.52	8.7 %	0.38	-	379.52	0.38
Q3 2012	449.97	4.7 %	0.45	-	449.97	0.45
Q4 2012	369.03	194.5 %	0.37	-	369.03	0.37
2012	1,440.63	26.4 %	1.44	-	1,440.63	1.44
Q1 2013	255.09	5.4 %	0.26	-	255.09	0.26
Q2 2013	398.23	4.9 %	0.40	-	398.23	0.40
Q3 2013	475.62	5.7 %	0.48	-	475.62	0.48
Q4 2013	373.27	1.2 %	0.37	-	373.27	0.37
2013	1,502.21	4.3 %	1.50	-	1,502.21	1.50
Q1 2014	273.58	7.2 %	0.27	20.90	252.68	0.25
Q2 2014	433.29	8.8 %	0.43	-	433.29	0.43
Q3 2014	539.44	13.4 %	0.54	-	539.44	0.54
Q4 2014	428.03	14.7 %	0.43	-	428.03	0.43
2014	1,674.34	11.5 %	1.67	20.90	1,653.44	1.65
Q1 2015	306.48	12.0 %	0.31	-	306.48	0.31
Q2 2015	530.42	22.4 %	0.53	(79.17)	609.58	0.61
Q3 2015	595.12	10.3 %	0.60	-	595.12	0.60
Q4 2015	483.68	13.0 %	0.48	(19.85)	503.53	0.50
2015	1,915.69	14.4 %	1.92	(99.02)	2,014.71	2.01
Q1 2016	288.66	(5.8 %)	0.29	-	288.66	0.29
Q2 2016	658.38	24.1 %	0.66	-	658.38	0.66
Q3 2016	664.26	11.6 %	0.66	25.11	639.15	0.64
Q4 2016	536.49	10.9 %	0.54	(28.30)	564.79	0.56
2016	2,147.79	12.1 %	2.15	(3.19)	2,150.98	2.15
Q1 2017	328.27	13.7 %	0.33	-	328.27	0.33
Q2 2017	674.11	2.4 %	0.67	-	674.11	0.67
Q3 2017	667.01	0.4 %	0.67	-	667.01	0.67
Q4 2017	512.89	(4.4 %)	0.51	-	512.89	0.51
2017	2,182.29	1.6 %	2.18	-	2,182.29	2.18
Q1 2018	344.87	5.1 %	0.34	-	344.87	0.34
Q2 2018	661.39	(1.9 %)	0.66	-	661.39	0.66
Q3 2018	634.96	(4.8 %)	0.63	-	634.96	0.63
Q4 2018	370.77	(27.7 %)	0.37	(100.70)	471.47	0.47
2018	2,011.98	(7.8 %)	2.01	(100.70)	2,112.68	2.11
Q1 2019	336.03	(2.6 %)	0.34	-	336.03	0.34
Q2 2019	582.53	(11.9 %)	0.58	-	582.53	0.58
Q3 2019	581.25	(8.5 %)	0.58	-	581.25	0.58
Q4 2019	311.95	(15.9 %)	0.31	-	311.95	0.31
2019	1,811.75	(10.0 %)	1.81	-	1,811.75	1.81
Q1 2020	383.01	14.0 %	0.38	-	383.01	0.38
Q2 2020	643.93	10.5 %	0.64	-	643.93	0.64
Q3 2020	621.52	6.9 %	0.62	-	621.52	0.62
Q4 2020	335.90	7.7 %	0.34	20.85	315.06	0.32
2020	1,984.36	9.5 %	1.98	20.85	1,963.51	1.96
Q1 2021	385.95	0.8 %	0.39	-	385.95	0.39
Q2 2021	481.98	(25.2 %)	0.48	-	481.98	0.48
Q3 2021	409.09	(34.2 %)	0.41	-	409.09	0.41
Q4 2021	286.53	(14.7 %)	0.29	-	286.53	0.29
2021	1,563.54	(21.2 %)	1.56	-	1,563.54	1.56

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	1,440.63	26.4 %	1.44	-	1,440.63	1.44
2013	1,502.21	4.3 %	1.50	-	1,502.21	1.50
2014	1,674.34	11.5 %	1.67	20.90	1,653.44	1.65
2015	1,915.69	14.4 %	1.92	(99.02)	2,014.71	2.01
2016	2,147.79	12.1 %	2.15	(3.19)	2,150.98	2.15
2017	2,182.29	1.6 %	2.18	-	2,182.29	2.18
2018	2,011.98	(7.8 %)	2.01	(100.70)	2,112.68	2.11
2019	1,811.75	(10.0 %)	1.81	-	1,811.75	1.81
2020	1,984.36	9.5 %	1.98	20.85	1,963.51	1.96
2021	1,563.54	(21.2 %)	1.56	-	1,563.54	1.56

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	37.22 %	25.26 %	15.84 %
Q2 2012	36.70 %	26.67 %	15.26 %
Q3 2012	36.08 %	26.90 %	14.55 %
Q4 2012	35.53 %	27.71 %	14.58 %
2012	35.53 %	27.71 %	14.58 %
Q1 2013	35.42 %	28.17 %	14.18 %
Q2 2013	35.31 %	27.64 %	13.89 %
Q3 2013	35.34 %	27.93 %	13.80 %
Q4 2013	35.32 %	27.87 %	13.39 %
2013	35.32 %	27.87 %	13.39 %
Q1 2014	35.17 %	27.75 %	13.01 %
Q2 2014	34.91 %	27.35 %	12.86 %
Q3 2014	36.26 %	27.32 %	13.02 %
Q4 2014	36.43 %	27.38 %	13.12 %
2014	36.43 %	27.38 %	13.12 %
Q1 2015	37.02 %	27.31 %	13.21 %
Q2 2015	37.80 %	27.58 %	14.18 %
Q3 2015	37.51 %	27.73 %	14.32 %
Q4 2015	38.30 %	27.91 %	14.61 %
2015	38.30 %	27.91 %	14.61 %
Q1 2016	37.51 %	27.63 %	14.13 %
Q2 2016	37.71 %	28.38 %	14.20 %
Q3 2016	37.96 %	29.09 %	14.50 %
Q4 2016	38.51 %	30.87 %	15.00 %
2016	38.51 %	30.87 %	15.00 %
Q1 2017	38.84 %	31.68 %	15.27 %
Q2 2017	39.53 %	32.67 %	15.56 %
Q3 2017	40.19 %	34.21 %	15.93 %
Q4 2017	40.07 %	34.18 %	15.66 %
2017	40.07 %	34.18 %	15.66 %
Q1 2018	41.07 %	35.75 %	15.95 %
Q2 2018	40.55 %	36.32 %	15.96 %
Q3 2018	39.86 %	36.36 %	15.79 %
Q4 2018	39.44 %	36.05 %	15.53 %
2018	39.29 %	36.23 %	15.58 %
Q1 2019	38.56 %	35.36 %	15.38 %
Q2 2019	38.42 %	34.75 %	14.70 %
Q3 2019	38.04 %	33.87 %	14.05 %
Q4 2019	37.39 %	33.18 %	12.62 %
2019	37.40 %	33.20 %	12.62 %
Q1 2020	37.28 %	32.63 %	12.70 %
Q2 2020	36.96 %	32.11 %	12.84 %
Q3 2020	36.72 %	31.84 %	12.86 %
Q4 2020	36.05 %	30.84 %	12.79 %
2020	36.05 %	30.84 %	12.79 %
Q1 2021	35.81 %	31.08 %	12.76 %
Q2 2021	34.81 %	30.08 %	11.77 %
Q3 2021	33.08 %	28.17 %	10.33 %
Q4 2021	31.92 %	26.91 %	9.86 %
2021	31.92 %	26.91 %	9.86 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	35.53 %	27.71 %	14.58 %
2013	35.32 %	27.87 %	13.39 %
2014	36.43 %	27.38 %	13.12 %
2015	38.30 %	27.91 %	14.61 %
2016	38.51 %	30.87 %	15.00 %
2017	40.07 %	34.18 %	15.66 %
2018	39.29 %	36.23 %	15.58 %
2019	37.40 %	33.20 %	12.62 %
2020	36.05 %	30.84 %	12.79 %
2021	31.92 %	26.91 %	9.86 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	34.67 %	21.93 %	11.87 %
Q2 2012	36.52 %	30.79 %	15.04 %
Q3 2012	37.87 %	29.43 %	16.83 %
Q4 2012	32.88 %	27.50 %	13.95 %
Q1 2013	34.33 %	24.76 %	10.58 %
Q2 2013	36.00 %	28.50 %	13.86 %
Q3 2013	37.76 %	30.38 %	16.25 %
Q4 2013	33.09 %	27.32 %	12.41 %
Q1 2014	33.80 %	24.58 %	9.29 %
Q2 2014	34.97 %	26.96 %	13.18 %
Q3 2014	42.54 %	29.98 %	16.50 %
Q4 2014	34.04 %	27.54 %	12.85 %
Q1 2015	36.56 %	24.57 %	10.09 %
Q2 2015	38.03 %	27.96 %	16.70 %
Q3 2015	41.05 %	30.38 %	16.89 %
Q4 2015	37.34 %	28.25 %	14.05 %
Q1 2016	33.42 %	23.75 %	8.56 %
Q2 2016	38.74 %	30.67 %	16.77 %
Q3 2016	42.08 %	33.27 %	18.10 %
Q4 2016	39.58 %	35.51 %	16.10 %
Q1 2017	34.80 %	27.20 %	9.70 %
Q2 2017	41.35 %	34.36 %	17.93 %
Q3 2017	44.95 %	39.72 %	19.78 %
Q4 2017	39.06 %	35.42 %	15.00 %
Q1 2018	38.81 %	33.56 %	10.67 %
Q2 2018	39.44 %	36.46 %	18.01 %
Q3 2018	42.18 %	39.94 %	19.14 %
Q4 2018	37.35 %	34.18 %	13.94 %
Q1 2019	35.18 %	30.76 %	10.16 %
Q2 2019	38.92 %	34.21 %	15.46 %
Q3 2019	40.40 %	36.11 %	16.27 %
Q4 2019	34.92 %	31.48 %	8.42 %
Q1 2020	34.88 %	28.68 %	10.66 %
Q2 2020	37.61 %	32.20 %	15.78 %
Q3 2020	39.21 %	34.76 %	16.09 %
Q4 2020	32.27 %	27.46 %	8.25 %
Q1 2021	33.88 %	29.71 %	10.59 %
Q2 2021	33.85 %	28.40 %	12.03 %
Q3 2021	32.36 %	27.19 %	10.38 %
Q4 2021	28.02 %	22.87 %	6.73 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	1,000.00	1.15	1.31	7.18
Q2 2012	1,000.00	1.18	1.34	6.87
Q3 2012	1,000.00	1.20	1.36	7.26
Q4 2012	1,000.00	1.44	1.44	7.55
Q1 2013	1,000.00	1.45	1.45	7.76
Q2 2013	1,000.00	1.47	1.47	7.66
Q3 2013	1,000.00	1.50	1.50	8.07
Q4 2013	1,000.00	1.50	1.50	8.44
Q1 2014	1,000.00	1.52	1.50	8.76
Q2 2014	1,000.00	1.56	1.53	8.53
Q3 2014	1,000.00	1.62	1.60	8.99
Q4 2014	1,000.00	1.67	1.65	9.19
Q1 2015	1,000.00	1.71	1.71	9.37
Q2 2015	1,000.00	1.80	1.88	9.62
Q3 2015	1,000.00	1.86	1.94	9.99
Q4 2015	1,000.00	1.92	2.01	10.36
Q1 2016	1,000.00	1.90	2.00	10.51
Q2 2016	1,000.00	2.03	2.05	10.42
Q3 2016	1,000.00	2.09	2.09	11.08
Q4 2016	1,000.00	2.15	2.15	11.36
Q1 2017	1,000.00	2.19	2.19	11.01
Q2 2017	1,000.00	2.20	2.21	11.66
Q3 2017	1,000.00	2.21	2.23	12.26
Q4 2017	1,000.00	2.18	2.18	12.78
Q1 2018	1,000.00	2.20	2.20	13.11
Q2 2018	1,000.00	2.19	2.19	12.87
Q3 2018	1,000.00	2.15	2.15	13.39
Q4 2018	1,000.00	2.01	2.11	13.88
Q1 2019	1,000.00	2.00	2.10	14.24
Q2 2019	1,000.00	1.92	2.02	14.00
Q3 2019	1,000.00	1.87	1.97	14.58
Q4 2019	1,000.00	1.81	1.81	14.65
Q1 2020	1,000.00	1.86	1.86	14.72
Q2 2020	1,000.00	1.92	1.92	14.60
Q3 2020	1,000.00	1.96	1.96	15.33
Q4 2020	1,000.00	1.98	1.96	15.69
Q1 2021	1,000.00	1.99	1.97	16.07
Q2 2021	1,000.00	1.83	1.80	15.46
Q3 2021	1,000.00	1.61	1.59	15.86
Q4 2021	1,000.00	1.56	1.56	16.12

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	1,000.00	1.44	1.44	7.55
2013	1,000.00	1.50	1.50	8.44
2014	1,000.00	1.67	1.65	9.19
2015	1,000.00	1.92	2.01	10.36
2016	1,000.00	2.15	2.15	11.36
2017	1,000.00	2.18	2.18	12.78
2018	1,000.00	2.01	2.11	13.88
2019	1,000.00	1.81	1.81	14.65
2020	1,000.00	1.98	1.96	15.69
2021	1,000.00	1.56	1.56	16.12

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	23.02	20.20	3.68
Q2 2012	21.89	19.27	3.75
Q3 2012	23.45	20.68	3.87
Q4 2012	17.67	17.67	3.37
Q1 2013	18.55	18.55	3.48
Q2 2013	19.13	19.13	3.68
Q3 2013	21.99	21.99	4.08
Q4 2013	21.02	21.02	3.74
Q1 2014	25.51	25.87	4.43
Q2 2014	27.08	27.45	4.94
Q3 2014	29.93	30.32	5.39
Q4 2014	27.56	27.91	5.02
Q1 2015	30.66	30.66	5.59
Q2 2015	29.98	28.72	5.62
Q3 2015	27.25	26.13	5.07
Q4 2015	24.57	23.36	4.54
Q1 2016	22.12	21.02	3.99
Q2 2016	21.60	21.39	4.20
Q3 2016	20.28	20.33	3.83
Q4 2016	25.51	25.47	4.82
Q1 2017	25.80	25.76	5.13
Q2 2017	35.02	34.97	6.62
Q3 2017	25.87	25.54	4.65
Q4 2017	24.63	24.63	4.20
Q1 2018	25.19	25.19	4.22
Q2 2018	27.63	27.63	4.69
Q3 2018	23.17	23.17	3.73
Q4 2018	23.86	22.72	3.46
Q1 2019	27.46	26.14	3.86
Q2 2019	27.80	26.42	3.82
Q3 2019	26.60	25.24	3.41
Q4 2019	27.32	27.32	3.38
Q1 2020	25.29	25.29	3.19
Q2 2020	26.98	26.98	3.55
Q3 2020	26.98	26.98	3.45
Q4 2020	27.67	27.96	3.50
Q1 2021	26.17	26.44	3.24
Q2 2021	34.73	35.13	4.10
Q3 2021	35.96	36.43	3.66
Q4 2021	31.18	31.18	3.02

Period	P/E	Adjusted P/E	Price/book
2012	17.67	17.67	3.37
2013	21.02	21.02	3.74
2014	27.56	27.91	5.02
2015	24.57	23.36	4.54
2016	25.51	25.47	4.82
2017	24.63	24.63	4.20
2018	23.86	22.72	3.46
2019	27.32	27.32	3.38
2020	27.67	27.96	3.50
2021	31.18	31.18	3.02

Business Segments (Million)

Compared With The

Period	Dairy & Juice	Poultry Project	Bakeries Productions	Others	Arable and Horticulture
Q1 2012	1,635.68	95.40	293.54	-	15.73
Q2 2012	2,031.54	119.06	324.96	-	48.58
Q3 2012	2,203.10	127.43	302.85	-	39.61
Q4 2012	2,102.29	162.46	369.30	0.08	11.39
Q1 2013	1,901.16	162.12	340.90	6.85	-
Q2 2013	2,209.27	202.71	369.48	92.41	-
Q3 2013	2,354.11	212.94	324.76	34.29	-
Q4 2013	2,371.27	214.56	409.97	12.37	-
Q1 2014	2,125.60	211.10	373.32	8.91	-
Q2 2014	2,547.67	250.35	399.27	89.24	-
Q3 2014	2,603.15	273.64	365.99	26.59	-
Q4 2014	2,625.49	287.67	394.33	23.27	-
Q1 2015	2,353.44	308.98	355.53	19.36	-
Q2 2015	2,869.02	313.95	396.35	70.21	-
Q3 2015	2,756.98	314.83	399.51	52.27	-
Q4 2015	2,761.46	324.49	474.46	23.79	-
Q1 2016	2,577.33	320.83	452.27	23.36	-
Q2 2016	3,054.66	365.77	458.22	47.25	-
Q3 2016	2,722.80	277.65	467.02	62.87	-
Q4 2016	2,606.53	367.26	503.28	31.48	-
Q1 2017	2,494.13	356.37	468.91	64.13	-
Q2 2017	2,920.95	387.41	434.61	17.39	-
Q3 2017	2,570.11	328.31	436.67	37.83	-
Q4 2017	2,525.29	391.54	466.90	35.00	-
Q1 2018	2,356.95	420.64	405.47	49.15	-
Q2 2018	2,752.49	434.66	377.44	62.50	-
Q3 2018	2,405.25	453.37	411.60	47.14	-
Q4 2018	2,404.97	491.69	446.89	37.63	-
Q1 2019	2,333.97	499.50	421.07	54.35	-
Q2 2019	2,782.58	527.14	394.60	60.88	-
Q3 2019	2,552.86	488.96	454.50	76.94	-
Q4 2019	2,540.58	608.99	479.13	75.24	-
Q1 2020	2,520.12	558.39	432.81	81.12	-
Q2 2020	2,966.24	614.62	424.22	76.77	-
Q3 2020	2,770.35	524.75	419.21	148.77	-
Q4 2020	2,666.97	595.02	435.72	121.87	-
Q1 2021	2,581.48	551.84	391.09	120.61	-
Q2 2021	2,895.63	566.18	400.92	142.84	-
Q3 2021	2,720.65	541.62	467.39	212.07	-
Q4 2021	2,943.57	641.81	529.47	142.55	-

Period	Dairy & Juice	Poultry Project	Bakeries Productions	Others	Arable and Horticulture
2012	7,972.60	504.35	1,290.65	0.08	115.32
2013	8,835.81	792.33	1,445.12	145.93	-
2014	9,901.90	1,022.76	1,532.91	148.00	-
2015	10,740.89	1,262.26	1,625.84	165.63	-
2016	10,961.32	1,331.51	1,880.79	164.96	-
2017	10,510.47	1,463.63	1,807.09	154.35	-
2018	9,919.67	1,800.35	1,641.39	196.43	-
2019	10,209.99	2,124.59	1,749.30	267.40	-
2020	10,923.68	2,292.78	1,711.95	428.54	-
2021	11,141.33	2,301.46	1,788.86	618.07	-

Analysts Estimates (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change‬
Average	344.68	286.53	(16.9 %)

Estimates vs Actual (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change
Al Rajhi Capital	309.00	286.53	(7.3) %
Sico	314.00	286.53	(8.7) %
AlJazira Capital	340.70	286.53	(15.9) %
SNB Capital	346.00	286.53	(17.2) %
Riyad Capital	356.00	286.53	(19.5) %
U-Capital	402.40	286.53	(28.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	52,700.00
Enterprise Value (EV) (M)	62,165.61
Shares Outstanding ((M))	1,000.00
EPS ( Riyal) (TTM)	2.25
Book Value (BV) ( Riyal)	18.56
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	23.39
P/E (TTM)	23.39
Price/book	2.84
Return on Average Assets (%) (TTM)	6.3
Return on Average Equity (%) (TTM)	12.5

Almarai Co. (ALMARAI)

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Almarai’s net profit declines 21% to SAR 1.563 bln in 2021

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Almarai Co. (ALMARAI)

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Almarai’s net profit declines 21% to SAR 1.563 bln in 2021

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2021

Revenue by Business Segment (Latest) 2021 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Almarai Co. (ALMARAI)

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Business Segments (Million)