Tanmiah Food 9M 2022 profit surges to SAR 63.5 mln; Q3 at SAR 31.7 mln
07/11/2022
Argaam Exclusive
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Tanmiah Food Co. posted an over twofold increase in 9M 2022 net profit after Zakat and tax to SAR 63.5 million, compared to SAR 25.9 million a year earlier.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 1,124.79 | 1,248.26 | 11.0 % |
| Gross Income | 252.64 | 300.97 | 19.1 % |
| Operating Income | 46.98 | 61.00 | 29.8 % |
| Net Income | 25.92 | 63.48 | 144.9 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 1.30 | 3.17 | 144.9 % |
The strong performance was driven by a 35.6% rise year-on-year (YoY) in revenue to SAR 1.525 billion.
In Q3 2022, net profit after Zakat and tax skyrocketed to SAR 31.7 million, from SAR 3.71 million in Q3 2021.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 389.94 | 471.54 | 20.9 % |
| Gross Income | 85.14 | 121.31 | 42.5 % |
| Operating Income | 11.27 | 35.15 | 212.0 % |
| Net Income | 3.71 | 31.74 | 754.8 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.19 | 1.59 | 754.8 % |
Compared to Q2 2022, Tanmiah’s net profit grew 5.1% from SAR 30.20 million.
Shareholders’ equity, no minority interest, rose to SAR 409.59 million as of Sept. 30, 2022, from SAR 373.65 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 1.54 | (91.8 %) | 0.08 | - | 1.54 | 0.08 |
| Q2 2022 | 30.20 | 783.6 % | 1.51 | - | 30.20 | 1.51 |
| Q3 2022 | 31.74 | 754.8 % | 1.59 | - | 31.74 | 1.59 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 20.36 % | 7.73 % | (0.24 %) |
| Q2 2022 | 21.43 % | 9.03 % | 1.46 % |
| Q3 2022 | 22.55 % | 10.56 % | 3.07 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | NEG | NEG | 4.50 |
| Q2 2022 | 59.50 | 59.50 | 3.64 |
| Q3 2022 | 41.32 | 41.32 | 5.16 |
Business Segments (Million)
Q3 2022
| Period | Fresh Poultry | Animal Feed and Health | Food franchise operator |
|---|---|---|---|
| Q1 2022 | 295.40 | 41.30 | 4.00 |
| Q2 2022 | 380.50 | 49.70 | 5.80 |
| Q3 2022 | 394.70 | 70.10 | 6.70 |
Analysts Estimates (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| Average | 37.00 | 31.74 | (14.2 %) |
Estimates vs Actual (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 37.00 | 31.74 | (14.2) % |
| 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 |
Share Price
Tanmiah Food Co. (TANMIAH)
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