Tanmiah Food logs SAR 75.9M profit in 2023; Q4 at SAR 26.4M

Tanmiah Food Co. recorded a net profit of SAR 75.9 million 2023, compared with SAR 186.8 million in the year-ago period.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,727.04	2,093.09	21.2 %
Gross Income	420.19	494.77	17.8 %
Operating Income	94.89	121.91	28.5 %
Net Income	186.81	75.94	(59.3 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	9.34	3.80	(59.3 %)

The Tadawul-listed firm said the 2022 financials included a one-off gain of SAR 101.9 million due to the strategic partnership with Tyson Foods.

Net profit was also affected by lower subsidies and increasing pressure on prices, along with the continued expansion of fresh poultry and Popeyes stores.

This came despite continued improvement in sales across the company’s core business segments. Fresh poultry remained the key driver, while food franchise operations witnessed a threefold revenue increase.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	478.78	576.22	20.4 %
Gross Income	119.22	151.51	27.1 %
Operating Income	33.89	43.21	27.5 %
Net Income	123.33	26.37	(78.6 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	6.17	1.32	(78.6 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	533.74	576.22	8.0 %
Gross Income	117.37	151.51	29.1 %
Operating Income	32.10	43.21	34.6 %
Net Income	17.17	26.37	53.6 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.86	1.32	53.6 %

The company posted a net profit of SAR 26.4 million in Q4 2023, compared with SAR 123.33 million a year ago, as Q4 2022 included the one-off gain of SAR 101.9 million from partnership with Tyson Foods. Adjusting for this gain, Tanmiah’s net profit would have jumped 23%.

Sequentially, Tanmiah’s fourth-quarter earnings leapt from SAR 17.17 million in Q3 2023.

Shareholders' equity, excluding minority interest, at the end of 2023 amounted to SAR 618.8 million, compared to SAR 614.37 million a year earlier.

Attached Documents

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Share Price

Tanmiah Food Co. (TANMIAH)

	Current
Market Cap (M Riyal)	2,452.00
Enterprise Value (EV) (M)	2,803.56
Shares Outstanding ((M))	20.00
EPS ( Riyal) (TTM)	4.77
Book Value (BV) ( Riyal)	32.50
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	25.69
P/E (TTM)	25.69
Price/book	3.77
Return on Average Assets (%) (TTM)	4.6
Return on Average Equity (%) (TTM)	15.3

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	995.20	-	208.44	-	59.34	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	1,091.36	9.7 %	242.10	16.1 %	94.82	59.8 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	1,145.66	5.0 %	278.05	14.8 %	104.93	10.7 %
Q1 2020	295.62	-	73.03	-	24.14	-
Q2 2020	280.14	-	66.29	-	18.10	-
Q3 2020	304.29	-	79.06	-	25.04	-
Q4 2020	331.88	-	91.26	-	38.91	-
2020	1,211.93	5.8 %	309.65	11.4 %	106.19	1.2 %
Q1 2021	368.34	24.6 %	89.32	22.3 %	26.12	8.2 %
Q2 2021	366.52	30.8 %	78.18	17.9 %	9.59	(47.0 %)
Q3 2021	389.94	28.1 %	85.14	7.7 %	11.27	(55.0 %)
Q4 2021	414.53	24.9 %	74.05	(18.9 %)	(1.37)	(103.5 %)
2021	1,209.57	(0.2 %)	231.82	(25.1 %)	9.71	(90.9 %)
Q1 2022	340.62	(7.5 %)	70.43	(21.2 %)	(2.28)	(108.7 %)
Q2 2022	436.10	19.0 %	109.24	39.7 %	28.13	193.3 %
Q3 2022	471.54	20.9 %	121.31	42.5 %	35.15	212.0 %
Q4 2022	478.78	15.5 %	119.22	61.0 %	33.89	2568.1 %
2022	1,727.04	42.8 %	420.19	81.3 %	94.89	877.4 %
Q1 2023	484.48	42.2 %	119.95	70.3 %	32.21	1510.2 %
Q2 2023	498.66	14.3 %	105.94	(3.0 %)	17.84	(36.6 %)
Q3 2023	533.74	13.2 %	117.37	(3.2 %)	32.10	(8.7 %)
Q4 2023	576.22	20.4 %	151.51	27.1 %	43.21	27.5 %
2023	2,093.09	21.2 %	494.77	17.8 %	121.91	28.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	995.20	-	208.44	-	59.34	-
2018	1,091.36	9.7 %	242.10	16.1 %	94.82	59.8 %
2019	1,145.66	5.0 %	278.05	14.8 %	104.93	10.7 %
2020	1,211.93	5.8 %	309.65	11.4 %	106.19	1.2 %
2021	1,209.57	(0.2 %)	231.82	(25.1 %)	9.71	(90.9 %)
2022	1,727.04	42.8 %	420.19	81.3 %	94.89	877.4 %
2023	2,093.09	21.2 %	494.77	17.8 %	121.91	28.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	(76.93)	-	(7.69)	(135.06)	58.13	5.81
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	74.90	197.4 %	7.49	-	74.90	7.49
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	70.82	(5.4 %)	3.54	-	70.82	3.54
Q1 2020	16.05	-	0.80	-	16.05	0.80
Q2 2020	10.46	-	0.52	-	10.46	0.52
Q3 2020	17.52	-	0.88	-	17.52	0.88
Q4 2020	30.38	-	1.52	-	30.38	1.52
2020	74.41	5.1 %	3.72	-	74.41	3.72
Q1 2021	18.79	17.1 %	0.94	-	18.79	0.94
Q2 2021	3.42	(67.3 %)	0.17	-	3.42	0.17
Q3 2021	3.71	(78.8 %)	0.19	-	3.71	0.19
Q4 2021	(12.36)	(140.7 %)	(0.62)	-	(12.36)	(0.62)
2021	13.56	(81.8 %)	0.68	-	13.56	0.68
Q1 2022	1.54	(91.8 %)	0.08	-	1.54	0.08
Q2 2022	30.20	783.6 %	1.51	-	30.20	1.51
Q3 2022	31.74	754.8 %	1.59	-	31.74	1.59
Q4 2022	123.33	1097.5 %	6.17	101.93	21.40	1.07
2022	186.81	1278.0 %	9.34	101.93	84.88	4.24
Q1 2023	20.99	1261.1 %	1.05	-	20.99	1.05
Q2 2023	11.41	(62.2 %)	0.57	-	11.41	0.57
Q3 2023	17.17	(45.9 %)	0.86	-	17.17	0.86
Q4 2023	26.37	(78.6 %)	1.32	-	26.37	1.32
2023	75.94	(59.3 %)	3.80	-	75.94	3.80

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	(76.93)	-	(7.69)	(135.06)	58.13	5.81
2018	74.90	197.4 %	7.49	-	74.90	7.49
2019	70.82	(5.4 %)	3.54	-	70.82	3.54
2020	74.41	5.1 %	3.72	-	74.41	3.72
2021	13.56	(81.8 %)	0.68	-	13.56	0.68
2022	186.81	1278.0 %	9.34	101.93	84.88	4.24
2023	75.94	(59.3 %)	3.80	-	75.94	3.80

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	20.94 %	9.09 %	5.84 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	22.18 %	10.47 %	6.86 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	24.27 %	14.99 %	6.18 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	25.55 %	15.05 %	6.14 %
2020	25.55 %	15.05 %	6.14 %
Q1 2021	25.37 %	16.42 %	6.01 %
Q2 2021	24.64 %	13.83 %	5.11 %
Q3 2021	23.61 %	12.39 %	3.87 %
Q4 2021	21.22 %	9.43 %	0.88 %
2021	19.17 %	8.62 %	1.12 %
Q1 2022	20.36 %	7.73 %	(0.24 %)
Q2 2022	21.43 %	9.03 %	1.46 %
Q3 2022	22.55 %	10.56 %	3.07 %
Q4 2022	24.33 %	11.67 %	4.91 %
2022	24.33 %	11.67 %	4.91 %
Q1 2023	25.11 %	12.81 %	5.58 %
Q2 2023	24.12 %	12.00 %	4.42 %
Q3 2023	23.17 %	11.51 %	3.56 %
Q4 2023	23.64 %	12.25 %	3.63 %
2023	23.64 %	12.08 %	3.63 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	20.94 %	9.09 %	5.84 %
2018	22.18 %	10.47 %	6.86 %
2019	24.27 %	14.99 %	6.18 %
2020	25.55 %	15.05 %	6.14 %
2021	19.17 %	8.62 %	1.12 %
2022	24.33 %	11.67 %	4.91 %
2023	23.64 %	12.08 %	3.63 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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	24.70 %	-	5.43 %
Q2 2020	23.66 %	18.98 %	3.74 %
Q3 2020	25.98 %	14.63 %	5.76 %
Q4 2020	27.50 %	18.23 %	9.16 %
Q1 2021	24.25 %	14.30 %	5.10 %
Q2 2021	21.33 %	8.70 %	0.93 %
Q3 2021	21.83 %	9.10 %	0.95 %
Q4 2021	17.86 %	6.07 %	(2.98 %)
Q1 2022	20.68 %	7.13 %	0.45 %
Q2 2022	25.05 %	13.27 %	6.92 %
Q3 2022	25.73 %	14.47 %	6.73 %
Q4 2022	24.90 %	10.68 %	4.47 %
Q1 2023	24.76 %	12.88 %	4.33 %
Q2 2023	21.25 %	10.10 %	2.29 %
Q3 2023	21.99 %	12.35 %	3.22 %
Q4 2023	26.29 %	13.48 %	4.58 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
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	20.00	-	-	-
Q2 2020	20.00	-	-	-
Q3 2020	20.00	-	-	-
Q4 2020	20.00	3.72	3.72	17.38
Q1 2021	20.00	3.86	3.86	18.32
Q2 2021	20.00	3.51	3.51	18.50
Q3 2021	20.00	2.82	2.82	18.68
Q4 2021	20.00	0.68	0.68	17.81
Q1 2022	20.00	(0.18)	(0.18)	17.89
Q2 2022	20.00	1.15	1.15	18.89
Q3 2022	20.00	2.56	2.56	20.48
Q4 2022	20.00	9.34	4.24	30.72
Q1 2023	20.00	10.31	5.22	31.77
Q2 2023	20.00	9.37	4.28	28.85
Q3 2023	20.00	8.65	3.55	29.71
Q4 2023	20.00	3.80	3.80	30.94

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	10.00	(7.69)	5.81	10.92
2018	10.00	7.49	7.49	17.83
2019	20.00	3.54	3.54	14.34
2020	20.00	3.72	3.72	17.38
2021	20.00	0.68	0.68	17.81
2022	20.00	9.34	4.24	30.72
2023	20.00	3.80	3.80	30.94

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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	38.08	38.08	5.74
Q4 2021	More than 100	More than 100	4.61
Q1 2022	NEG	NEG	4.50
Q2 2022	59.50	59.50	3.64
Q3 2022	41.32	41.32	5.16
Q4 2022	14.05	30.91	4.27
Q1 2023	12.47	24.65	4.05
Q2 2023	13.46	29.51	4.37
Q3 2023	10.83	26.38	3.15
Q4 2023	27.13	27.13	3.33

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	More than 100	More than 100	4.61
2022	14.05	30.91	4.27
2023	27.13	27.13	3.33

Business Segments (Million)

Compared With The

Period	Fresh Poultry	Animal Feed and Health	Food franchise operator
Q1 2022	295.40	41.30	4.00
Q2 2022	380.50	49.70	5.80
Q3 2022	394.70	70.10	6.70
Q4 2022	392.30	73.40	13.10
Q1 2023	406.00	61.50	17.00
Q2 2023	419.70	59.00	20.00
Q3 2023	433.41	76.71	23.68
Q4 2023	463.10	85.50	27.70

Period	Fresh Poultry	Animal Feed and Health	Food franchise operator
2021	1,078.70	130.40	0.38
2022	1,462.90	234.50	29.60
2023	1,726.90	278.10	88.20

Analysts Estimates (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	21.00	26.37	25.57 %

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
Al Rajhi Capital	23.00	26.37	14.6 %
GIB Capital	19.00	26.37	38.8 %

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Tanmiah Food logs SAR 75.9M profit in 2023; Q4 at SAR 26.4M

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Tanmiah Food Co. (TANMIAH)

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Tanmiah Food logs SAR 75.9M profit in 2023; Q4 at SAR 26.4M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Tanmiah Food Co. (TANMIAH)

Financial Ratios

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 2023

Revenue by Business Segment (Latest) 2023 Q4

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