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Almunajem Foods 2021 profit slips 28% to SAR 166.1 mln, Q4 rises 66% to SAR 46 mln
Almunajem Foods Co. posted a net profit after Zakat and tax of SAR 166.1 million for 2021, a decline of 28% compared to SAR 229.7 million in the previous year.
Financials (Million Riyal)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 2,538.45 | 2,577.02 | 1.5 % |
| Gross Income | 487.55 | 441.37 | (9.5 %) |
| Operating Income | 230.88 | 178.88 | (22.5 %) |
| Net Income | 229.68 | 166.09 | (27.7 %) |
| Average Shares | 60.00 | 60.00 | - |
| Earnings Per Share before unusual items (Riyals) | 3.66 | 2.77 | (24.3 %) |
| EPS (Riyal) | 3.83 | 2.77 | (27.7 %) |
The decrease in profit was driven by lower gross profit and gross profit margin as discounts resumed, following their suspension in 2020.
In addition, the firm noted an increase in sales and distribution expenses and higher Zakat expense, along with a rise in expected credit loss provision.
Almunajem Foods booked a one-off other income in 2020, amounting to SAR 10.3 million related to a lawsuit filed against one of the service providers.
The net profit after Zakat and tax jumped 66% year-on-year to SAR 46 million in Q4 2021, driven by higher revenue and gross profit, along with lower sales and distribution expenses.
On a sequential basis, Q4 net profit fell 12.6% from SAR 52.66 million.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 622.09 | 679.50 | 9.2 % |
| Gross Income | 100.28 | 115.34 | 15.0 % |
| Operating Income | 30.96 | 49.12 | 58.6 % |
| Net Income | 27.79 | 45.98 | 65.5 % |
| Average Shares | 60.00 | 60.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.46 | 0.77 | 65.5 % |
| EPS (Riyal) | 0.46 | 0.77 | 65.5 % |
Shareholders' equity, excluding minority interest, at the end of the period amounted to SAR 804.7 million, compared to SAR 640.5 million in 2020.
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Share Price
| Current | |
| Market Cap (M Riyal) | 3,060.00 |
| Enterprise Value (EV) (M Riyal) | 3,343.46 |
| Shares Outstanding ((M)) | 60.00 |
| Recurring EPS ( Riyal) (TTM) | 4.51 |
| Book Value (BV) ( Riyal) | 19.56 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E (TTM) | 11.32 |
| P/E (TTM) | 11.32 |
| Price/book | 2.61 |
| Dividend Yield (%) (Last Year) | 3.92 |
| Return on Average Assets (%) (TTM) | 12.4 |
| Return on Average Equity (%) (TTM) | 24.3 |
| EV/adj EBITDA | 9.52 |
| EV/Revenues | 1.02 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| 2021 | 2,577.02 | 1.5 % | 441.37 | (9.5 %) | 178.88 | (22.5 %) |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| 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 |
| 2021 | 166.09 | (27.7 %) | 2.77 | - | 166.09 | 2.77 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2020 | - | - | - |
| Q2 2020 | - | - | - |
| Q3 2020 | - | - | - |
| Q4 2020 | 19.21 % | 10.55 % | 8.64 % |
| 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 % |
| 2021 | 17.13 % | 8.34 % | 6.45 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | - | - | - |
| Q4 2021 | 20.99 | 20.99 | 4.33 |
Business Segments (Million Riyal)
Q4 2021
| Period | Wholesale goods-in-transit& food services | Retail goods-in-transit | Storage rent revenue |
|---|---|---|---|
| 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 |
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