Tanmiah 9M 2021 net profit drops 41% to SAR 25.9 mln
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Tanmiah Food Co. reported a net profit after Zakat and tax of SAR 25.9 million for the first nine months of 2021, a decline of 41% from SAR 44 million in the year-earlier period.
Financials (M)
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 880.05 | 1,124.79 | 27.8 % |
| Gross Income | 218.38 | 252.64 | 15.7 % |
| Operating Income | 67.28 | 46.98 | (30.2 %) |
| Net Income | 44.03 | 25.92 | (41.1 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 2.20 | 1.30 | (41.1 %) |
The lower profit was attributed to a rise in selling and distribution expenses, as well as the cost of sales/revenue, along with higher general and administrative expenses (G&A).
Current Quarter Comparison (M)
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 304.29 | 389.94 | 28.1 % |
| Gross Income | 79.06 | 85.14 | 7.7 % |
| Operating Income | 25.04 | 11.27 | (55.0 %) |
| Net Income | 17.52 | 3.71 | (78.8 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.88 | 0.19 | (78.8 %) |
In Q3 2021, the company’s net profit after Zakat and tax plunged 79% to SAR 3.7 million, from SAR 17.5 million a year earlier on higher G&A, selling and distribution expenses.
On a quarterly basis, the company’s net profit grew by 8.3% from SAR 3.4 million, driven by higher revenue.
Shareholders’ equity, after minority interest, increased by 14% to SAR 373.7 million as of Sept. 30, 2021, from SAR 327.9 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2021 | 25.37 % | 16.42 % | 6.01 % |
| Q2 2021 | 24.64 % | 13.83 % | 5.11 % |
| Q3 2021 | 23.61 % | 12.39 % | 3.87 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | 38.08 | 38.08 | 5.74 |
Business Segments (Million)
2021
| Period | Fresh Poultry | Animal Feed and Health | Food franchise operator |
|---|
| 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 |
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