Almunajem 9M 2024 net profit rises 9% to SAR 218.3M; Q3 drops to SAR 40.5M

06/11/2024 Argaam Exclusive

Almunajem Foods Co. reported a net profit of SAR 218.3 million for the first nine months of 2024, a 9% growth from SAR 200.6 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 2,485.23 2,527.90 1.7 %
Gross Income 425.84 445.50 4.6 %
Operating Income 215.70 220.00 2.0 %
Net Income 200.59 218.30 8.8 %
Average Shares 60.00 60.00 -
EPS (Riyals) 3.34 3.64 8.8 %

This was spurred by a 1.7% increase in revenue year-on-year (YoY) on higher sales volumes and a 4.6% rise in gross profit, despite relative growth of 5.1% in operating expenses on higher selling and distribution expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 810.88 798.70 (1.5 %)
Gross Income 134.91 116.60 (13.6 %)
Operating Income 66.30 38.40 (42.1 %)
Net Income 61.14 40.50 (33.8 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 1.02 0.68 (33.8 %)

Q3 2024 net profit stood at SAR 40.5 million, a decline of 34% YoY from SAR 61.1 million, due to lower revenue, decreased gross profit and the relative increase in operating expenses.

 

On a sequential basis, net earnings slumped 36.5% from SAR 63.8 million in Q2 2024.

 

Total shareholders’ equity (no minority interest) stood at SAR 1.07 billion by Sept. 30, 2024, compared to SAR 966.1 million a year earlier.

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Quarterly Actuals vs Estimates 06/11/2024

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Share Price

Almunajem Foods Co.
105.40
(9.80) (8.51 %)

Almunajem Foods Co. (ALMUNAJEM)

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Financial Ratios
Current
Market Cap (M Riyal) 6,912.00
Enterprise Value (EV) (M) 6,842.05
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 5.00
Book Value (BV) ( Riyal) 17.85
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.36
P/E (TTM) 23.04
Price/book 6.45
Return on Average Assets (%) (TTM) 18.9
Return on Average Equity (%) (TTM) 29.4
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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 %) 60.74 (50.1 %)
Q3 2023 810.88 11.0 % 134.91 9.0 % 66.30 20.0 %
Q4 2023 829.18 10.9 % 156.47 72.0 % 86.50 262.2 %
Q1 2024 902.95 0.1 % 195.76 25.7 % 116.83 42.9 %
Q2 2024 826.29 7.0 % 133.13 (1.5 %) 63.80 5.0 %
Q3 2024 798.70 (1.5 %) 116.60 (13.6 %) 38.40 (42.1 %)


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 10.25 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 2.50 119.62 1.99
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 63.82 10.9 % 1.06 4.10 59.72 1.00
Q3 2024 40.50 (33.8 %) 0.68 - 40.50 0.68

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 % 11.14 %
Q3 2022 20.88 % 12.56 % 10.89 %
Q4 2022 19.58 % 11.45 % 9.66 %
Q1 2023 18.32 % 10.37 % 8.62 %
Q2 2023 16.04 % 8.22 % 6.49 %
Q3 2023 15.99 % 8.34 % 6.56 %
Q4 2023 17.57 % 10.01 % 8.35 %
Q1 2024 18.77 % 11.09 % 9.48 %
Q2 2024 18.41 % 11.01 % 9.39 %
Q3 2024 17.93 % - 8.81 %


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 5.26 15.07
Q3 2022 60.00 5.32 5.28 14.72
Q4 2022 60.00 4.84 4.80 15.01
Q1 2023 60.00 4.58 4.44 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 5.27 17.17
Q3 2024 60.00 5.00 4.93 17.85

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 11.19 3.91
Q3 2022 12.97 13.07 4.69
Q4 2022 12.69 12.80 4.09
Q1 2023 12.72 13.10 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 19.61 19.87 6.10
Q3 2024 24.00 24.34 6.72

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
Q2 2024 507.05 315.91 3.33

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 67.85 40.50 (40.3 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Al Rajhi Capital 63.00 40.50 (35.7) %
AlJazira Capital 72.70 40.50 (44.3) %

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