Tanmiah Food reports net profit of SAR 21M in Q1 2024

Tanmiah Food Co. reported a net profit of SAR 21 million Q1 2024, unchanged from the year-ago period.

Current Quarter Comparison (Million Riyal)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	484.48	581.36	20.0 %
Gross Income	119.95	144.46	20.4 %
Operating Income	32.21	35.50	10.2 %
Net Income	20.99	20.96	(0.2 %)
Average Shares	20.00	20.00	-
Earnings Per Share before unusual items (Riyal)	1.05	1.05	(0.2 %)
EPS (Riyal)	1.05	1.05	(0.2 %)

Item	Q4 2023	Q1 2024	Change‬
Revenues	576.22	581.36	0.9 %
Gross Income	151.51	144.46	(4.7 %)
Operating Income	43.21	35.50	(17.8 %)
Net Income	26.37	20.96	(20.5 %)
Average Shares	20.00	20.00	-
Earnings Per Share before unusual items (Riyal)	1.32	1.05	(20.5 %)
EPS (Riyal)	1.32	1.05	(20.5 %)

Tanmiah recorded a 20% improvement in revenues in Q1 2024, reaching SAR 581.4 million, in line with the continued growth of all business segments.

It witnessed a 20.42% rise in gross profit to SAR 144.5 million, in line with the improvement in revenues, outweighing the increase in cost of sales.

In addition, operating profit grew by 8.52% to SAR 39.5 million, despite a 25.8% rise in general and administrative expenses during the period.

Net profit for Q1 2023 included a one-off subsidy of SAR 15.29 million.

Sequentially, Tanmiah’s first-quarter earnings retreated 20.4% from SAR 26.37 million in Q4 2023, due to a slight rise in sales, general and administrative expenses.

Shareholders' equity, excluding minority interest, at the end of Q1 2024 amounted to SAR 639.8 million, compared to SAR 635.4 million a year earlier.

Attached Documents:

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Share Price

	Current
Market Cap (M Riyal)	1,090.00
Enterprise Value (EV) (M Riyal)	2,094.73
Shares Outstanding ((M))	20.00
Recurring EPS ( Riyal) (TTM)	0.04
Book Value (BV) ( Riyal)	31.93
Par Value ( Riyal)	10.00
Recurring P/E (TTM)	More than 100
P/E (TTM)	More than 100
Price/book	1.71
Dividend Yield (%) (Last Year)	-
Return on Average Assets (%) (TTM)	0.0
Return on Average Equity (%) (TTM)	0.1
EV/Revenues	0.70

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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	2567.8 %
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	1510.1 %
Q2 2023	498.66	14.3 %	105.94	(3.0 %)	17.84	(36.6 %)
Q3 2023	533.74	13.2 %	117.37	(3.2 %)	28.65	(18.5 %)
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 %
Q1 2024	581.36	20.0 %	144.46	20.4 %	35.50	10.2 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 Riyal)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
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	783.5 %	1.51	-	30.20	1.51
Q3 2022	31.74	754.7 %	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
Q1 2024	20.96	(0.2 %)	1.05	-	20.96	1.05

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
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	Adjusted EBITDA margin	Net Margin Before Unusual Items
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 %	-	6.14 %
2020	25.55 %	15.05 %	6.14 %
Q1 2021	25.37 %	-	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 %	11.34 %	3.56 %
Q4 2023	23.64 %	12.08 %	3.63 %
2023	23.64 %	12.08 %	3.63 %
Q1 2024	23.71 %	12.07 %	3.47 %

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
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	Adjusted EBITDA margin	Net Margin Before Unusual Items
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 %	-	3.74 %
Q3 2020	25.98 %	14.64 %	5.76 %
Q4 2020	27.50 %	18.23 %	9.15 %
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 %	11.70 %	3.22 %
Q4 2023	26.29 %	13.48 %	4.58 %
Q1 2024	24.85 %	12.68 %	3.60 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	10.00	-	-	10.92
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	10.00	-	-	17.83
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	20.00	-	-	14.34
Q1 2020	20.00	-	-	-
Q2 2020	20.00	-	-	15.57
Q3 2020	20.00	-	-	16.40
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
Q1 2024	20.00	3.80	3.80	31.99

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
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	Recurring P/E	Price/book
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	59.51	59.51	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
Q1 2024	37.15	37.15	4.41

Period	P/E	Recurring P/E	Price/book
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 Riyal)

Compared With The

Period	Poultry food and agriculture	Restaurants Outlets
Q1 2022	336.70	4.00
Q2 2022	430.20	5.80
Q3 2022	464.80	6.70
Q4 2022	465.70	13.10
Q1 2023	467.50	17.00
Q2 2023	478.70	20.00
Q3 2023	510.12	23.68
Q4 2023	548.68	27.52
Q1 2024	552.90	28.50

Period	Poultry food and agriculture	Restaurants Outlets
2021	1,209.10	0.38
2022	1,697.40	29.60
2023	2,005.00	88.20

Analysts Estimates (Million Riyal)

Item	Profit (Expected)	Profit (Actual)	Change
Average	30.50	20.96

Estimates vs Actual (Million Riyal)

Item	Profit (Expected)	Profit (Actual)	Change‬
GIB Capital	30.00	20.96
Al Rajhi Capital	31.00	20.96

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Tanmiah Food reports net profit of SAR 21M in Q1 2024

Current Quarter Comparison (Million Riyal)

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Profit Performance

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Tanmiah Food reports net profit of SAR 21M in Q1 2024

Current Quarter Comparison (Million Riyal)

View other reports

Share Price

Financial Ratios

Financial results (Million Riyal)

Financial results

Profit Performance (Million Riyal)

Profit Performance

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million Riyal) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million Riyal)

Analysts Estimates

Estimates vs Actual (Million Riyal)

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