Almunajem H1 2022 net profit surges to SAR 219.6 mln; Q2 at SAR 122.1 mln

Almunajem Foods Co.’s H1 2022 estimated net profit after Zakat and tax more than tripled to SAR 219.6 million, compared to SAR 67.5 million a year earlier.  

The profit rise was driven by a 20.8% year-on-year (YoY) increase in revenue to SAR 1.500 billion.

Gross profit also jumped 79.4% YoY, on improved profit margins of most product categories, due to better trade conditions during the period.

This came despite an 11.6% YoY increase in operating expenses to SAR 147.5 million. The company also reported a 52.3% rise YoY in Zakat expenses to SAR 11.3 million as result of a wider Zakat base.

The company’s Q2 2022 net profit after Zakat and tax increased over threefold to SAR 122.1 million, from SAR 37.99 million in the prior-year period, as revenue leapt 16% YoY to SAR 712.9 million. Moreover, gross profit saw a spike of 80.8% YoY.

Almunajem’s second-quarter net profit climbed 25.2% from SAR 97.56 million in Q1 2022.

Total shareholders’ equity, after minority interest, increased to SAR 904.4 million as of June 30, 2022, from SAR 707.9 million a year earlier.

Almunajem also noted that the estimated financial results for the current period were prepared by the management and have not yet been reviewed by the external auditor.

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