Almarai’s H1 2022 profit rises 8% to SAR 940.8 mln, Q2 at SAR 520.4 mln

17/07/2022 Argaam Exclusive

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Almarai Co. reported a net profit after Zakat and tax of SAR 940.8 million for the first half of 2022, up 8%, compared to SAR 868 million in the previous year.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	7,650.58	9,113.90	19.1 %
Gross Income	2,590.84	2,801.52	8.1 %
Operating Income	1,155.12	1,249.53	8.2 %
Net Income	867.93	940.82	8.4 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.87	0.94	8.4 %

The profit increase was due to a 19.1% jump in revenue driven by the bakery and poultry segments. Positive revenue growth was evident across the board due to improved trading conditions post COVID-19 movement restrictions, reopening of educational institutions and a higher number of visitors in the region.

Gross profit rose 8.1%, but at a slower rate than revenue growth, due to higher input costs driven by higher prices of corn, soya and dairy commodities.

Funding costs remained in line with last year as the lower average debt balance was offset by a higher interest rate due to higher SAIBOR.

On the other hand, selling and distribution costs, as well as general and administrative (G&A) expenses increased 6% and 6.6%, respectively.

The dairy and juice segment’s profit was flat yearly due to a stronger sales mix across the board. Meanwhile, sales growth was offset by higher cost inflation driven by feed and dairy commodities.

The bakery segment’s profit increased by 101.0% mainly due to higher sales, driven by a single-serve product mix due to the reopening of schools, product innovation and leveraging economies of scale for bakery manufacturing.

The poultry segment’s profit rose 12.5%, supported by volume growth in the food service segment.

The other activities reported a loss of SAR 12.7 million, which is mainly attributed to a timing change due to crop cycles in the US and Argentina.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	4,005.57	4,610.45	15.1 %
Gross Income	1,355.74	1,469.61	8.4 %
Operating Income	621.55	680.00	9.4 %
Net Income	481.98	520.36	8.0 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.48	0.52	8.0 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	4,503.46	4,610.45	2.4 %
Gross Income	1,331.92	1,469.61	10.3 %
Operating Income	569.54	680.00	19.4 %
Net Income	420.46	520.36	23.8 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.42	0.52	23.8 %

The dairy producer reported a net profit after Zakat and tax of SAR 520.4 million in Q2 2022, an increase of 8%, compared to SAR 481.9 million in the same period last year.

On a sequential basis, Q2 2022 net profit increased 23.8% due to seasonal adjustments in consumption patterns and Ramadan sales.

Total shareholders’ equity, after minority interest, increased to SAR 15.837 billion as of June 30, 2022, from SAR 15.462 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
Q1 2022	4,503.46	23.6 %	1,331.92	7.8 %	569.54	6.7 %
Q2 2022	4,610.45	15.1 %	1,469.61	8.4 %	680.00	9.4 %

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 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
Q1 2022	420.46	8.9 %	0.42	-	420.46	0.42
Q2 2022	520.36	8.0 %	0.52	-	520.36	0.52

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 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 %
Q1 2022	30.86 %	25.81 %	9.56 %
Q2 2022	30.44 %	25.38 %	9.45 %

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 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 %
Q1 2022	29.58 %	25.10 %	9.34 %
Q2 2022	31.88 %	26.43 %	11.29 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2022	1,000.00	1.60	1.60	16.32
Q2 2022	1,000.00	1.64	1.64	15.84

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 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
Q1 2022	32.04	32.04	3.14
Q2 2022	32.02	32.02	3.31

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 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	-
Q1 2022	3,116.25	659.47	571.28	156.47	-
Q2 2022	3,136.00	736.35	567.52	170.58	-

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	Q2 2022 (e)	Q2 2022 (a)	Change‬
Average	492.80	520.36	5.59 %

Estimates vs Actual (Million)

Item	Q2 2022 (e)	Q2 2022 (a)	Change
Sico	523.00	520.36	(0.5) %
AlJazira Capital	514.00	520.36	1.2 %
Hermes	509.00	520.36	2.2 %
Riyad Capital	493.00	520.36	5.5 %
Goldman Sachs	570.00	520.36	(8.7) %
SNB Capital	451.00	520.36	15.4 %
U-Capital	449.40	520.36	15.8 %
Al Rajhi Capital	433.00	520.36	20.2 %

Financial Ratios

	Current
Market Cap (M Riyal)	57,800.00
Enterprise Value (EV) (M)	67,265.61
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)	25.65
P/E (TTM)	25.65
Price/book	3.11
Return on Average Assets (%) (TTM)	6.3
Return on Average Equity (%) (TTM)	12.5

Almarai Co. (ALMARAI)

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Almarai’s H1 2022 profit rises 8% to SAR 940.8 mln, Q2 at SAR 520.4 mln

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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) 2022 Q2

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 H1 2022 profit rises 8% to SAR 940.8 mln, Q2 at SAR 520.4 mln

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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) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

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)