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 1,729.20 3.3 %
Gross Income 290.93 328.90 13.1 %
Operating Income 149.40 181.60 21.6 %
Net Income 139.45 177.80 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 772.39 826.30 7.0 %
Gross Income 135.22 133.10 (1.6 %)
Operating Income 60.90 63.80 4.8 %
Net Income 57.56 63.80 10.8 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.96 1.06 10.8 %

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.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 687.58 - 138.11 - 77.63 -
Q2 2020 602.41 - 126.89 - 61.62 -
Q3 2020 626.38 - 122.27 - 60.68 -
Q4 2020 622.09 - 100.28 - 30.96 -
Q1 2021 628.06 (8.7 %) 97.44 (29.5 %) 33.21 (57.2 %)
Q2 2021 614.48 2.0 % 109.00 (14.1 %) 41.10 (33.3 %)
Q3 2021 654.99 4.6 % 119.60 (2.2 %) 55.44 (8.6 %)
Q4 2021 679.50 9.2 % 115.34 15.0 % 49.12 58.6 %
Q1 2022 788.01 25.5 % 172.53 77.1 % 101.18 204.7 %
Q2 2022 712.48 15.9 % 195.96 79.8 % 121.75 196.2 %
Q3 2022 730.20 11.5 % 123.78 3.5 % 55.23 (0.4 %)
Q4 2022 747.84 10.1 % 90.99 (21.1 %) 23.88 (51.4 %)
Q1 2023 901.96 14.5 % 155.71 (9.7 %) 81.73 (19.2 %)
Q2 2023 772.39 8.4 % 135.22 (31.0 %) 60.90 (50.0 %)
Q3 2023 810.88 11.0 % 134.91 9.0 % 64.66 17.1 %
Q4 2023 829.18 10.9 % 156.47 72.0 % 86.50 262.2 %
Q1 2024 902.95 0.1 % 195.76 25.7 % 117.80 44.1 %
Q2 2024 826.30 7.0 % 133.10 (1.6 %) 63.80 4.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 75.67 - 1.26 - 75.67 1.26
Q2 2020 59.42 - 0.99 - 59.42 0.99
Q3 2020 66.80 - 1.11 - 56.55 0.94
Q4 2020 27.79 - 0.46 - 27.79 0.46
Q1 2021 29.47 (61.1 %) 0.49 - 29.47 0.49
Q2 2021 37.99 (36.1 %) 0.63 - 37.99 0.63
Q3 2021 52.66 (21.2 %) 0.88 - 52.66 0.88
Q4 2021 45.98 65.5 % 0.77 - 45.98 0.77
Q1 2022 97.56 231.1 % 1.63 - 97.56 1.63
Q2 2022 122.12 221.5 % 2.04 - 122.12 2.04
Q3 2022 53.62 1.8 % 0.89 - 53.62 0.89
Q4 2022 16.90 (63.2 %) 0.28 - 16.90 0.28
Q1 2023 81.88 (16.1 %) 1.36 5.50 76.38 1.27
Q2 2023 57.56 (52.9 %) 0.96 - 57.56 0.96
Q3 2023 61.14 14.0 % 1.02 - 61.14 1.02
Q4 2023 81.62 383.1 % 1.36 - 81.62 1.36
Q1 2024 114.00 39.2 % 1.90 - 114.00 1.90
Q2 2024 63.80 10.8 % 1.06 - 63.80 1.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 19.21 % 10.55 % 8.64 %
Q1 2021 18.03 % 9.02 % 6.99 %
Q2 2021 17.22 % 8.14 % 6.09 %
Q3 2021 16.92 % 7.82 % 5.87 %
Q4 2021 17.13 % 8.34 % 6.45 %
Q1 2022 18.87 % 10.35 % 8.56 %
Q2 2022 21.28 % 12.86 % 11.23 %
Q3 2022 20.88 % 12.56 % 10.97 %
Q4 2022 19.58 % 11.45 % 9.74 %
Q1 2023 18.32 % 10.37 % 8.70 %
Q2 2023 16.04 % 8.23 % 6.49 %
Q3 2023 15.99 % 8.30 % 6.56 %
Q4 2023 17.57 % 9.96 % 8.35 %
Q1 2024 18.77 % 11.07 % 9.48 %
Q2 2024 18.41 % - 9.51 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 60.00 - - 8.99
Q2 2020 60.00 - - 8.76
Q3 2020 60.00 - - 8.41
Q4 2020 60.00 3.83 3.66 10.67
Q1 2021 60.00 3.06 2.89 11.17
Q2 2021 60.00 2.70 2.53 11.80
Q3 2021 60.00 2.47 2.47 12.68
Q4 2021 60.00 2.77 2.77 13.41
Q1 2022 60.00 3.90 3.90 15.04
Q2 2022 60.00 5.31 5.31 15.07
Q3 2022 60.00 5.32 5.32 14.72
Q4 2022 60.00 4.84 4.84 15.01
Q1 2023 60.00 4.58 4.48 16.37
Q2 2023 60.00 3.50 3.41 16.33
Q3 2023 60.00 3.62 3.53 16.10
Q4 2023 60.00 4.70 4.61 15.46
Q1 2024 60.00 5.24 5.24 17.36
Q2 2024 60.00 5.34 5.34 17.17

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 20.99 20.99 4.33
Q1 2022 15.63 15.63 4.06
Q2 2022 11.10 11.10 3.91
Q3 2022 12.97 12.97 4.69
Q4 2022 12.69 12.69 4.09
Q1 2023 12.72 12.98 3.55
Q2 2023 18.72 19.22 4.01
Q3 2023 19.37 19.87 4.36
Q4 2023 15.67 15.98 4.77
Q1 2024 20.46 20.46 6.18
Q2 2024 19.62 19.62 6.10

Business Segments (Million)

Compared With The
Period Wholesale goods-in-transit& food services Retail goods-in-transit Storage rent revenue
Q1 2020 401.89 284.09 1.60
Q2 2020 304.78 295.59 2.04
Q3 2020 384.57 239.88 1.93
Q4 2020 392.00 228.55 1.54
Q1 2021 348.08 278.34 1.63
Q2 2021 378.14 234.31 2.04
Q3 2021 421.05 231.70 2.24
Q4 2021 442.62 234.47 2.40
Q1 2022 458.20 326.49 3.32
Q2 2022 421.01 288.15 3.31
Q3 2022 427.49 299.79 2.92
Q4 2022 442.14 303.20 2.50
Q1 2023 485.63 412.86 3.48
Q2 2023 492.04 276.47 3.88
Q3 2023 484.79 323.02 3.06
Q4 2023 515.97 310.21 3.00
Q1 2024 478.62 421.70 2.63

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 85.00 63.80 (24.9 %)

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
Al Rajhi Capital 85.00 63.80 (24.9) %

Current
Market Cap (M Riyal) 6,180.00
Enterprise Value (EV) (M) 5,998.39
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 5.34
Book Value (BV) ( Riyal) 17.17
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.28
P/E (TTM) 19.28
Price/book 6.00
Return on Average Assets (%) (TTM) 19.4
Return on Average Equity (%) (TTM) 31.9

Share Price

103.00
(0.80) (0.77 %)

Almunajem Foods Co. (ALMUNAJEM)

Quarterly Actuals vs Estimates 25/07/2024


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