Tanmiah Food logs SAR 75.9M profit in 2023; Q4 at SAR 26.4M
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Tanmiah Food Co. recorded a net profit of SAR 75.9 million 2023, compared with SAR 186.8 million in the year-ago period.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,727.04 | 2,093.09 | 21.2 % |
| Gross Income | 420.19 | 494.77 | 17.8 % |
| Operating Income | 94.89 | 121.91 | 28.5 % |
| Net Income | 186.81 | 75.94 | (59.3 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 9.34 | 3.80 | (59.3 %) |
The Tadawul-listed firm said the 2022 financials included a one-off gain of SAR 101.9 million due to the strategic partnership with Tyson Foods.
Net profit was also affected by lower subsidies and increasing pressure on prices, along with the continued expansion of fresh poultry and Popeyes stores.
This came despite continued improvement in sales across the company’s core business segments. Fresh poultry remained the key driver, while food franchise operations witnessed a threefold revenue increase.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 478.78 | 576.22 | 20.4 % |
| Gross Income | 119.22 | 151.51 | 27.1 % |
| Operating Income | 33.89 | 43.21 | 27.5 % |
| Net Income | 123.33 | 26.37 | (78.6 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 6.17 | 1.32 | (78.6 %) |
The company posted a net profit of SAR 26.4 million in Q4 2023, compared with SAR 123.33 million a year ago, as Q4 2022 included the one-off gain of SAR 101.9 million from partnership with Tyson Foods. Adjusting for this gain, Tanmiah’s net profit would have jumped 23%.
Sequentially, Tanmiah’s fourth-quarter earnings leapt from SAR 17.17 million in Q3 2023.
Shareholders' equity, excluding minority interest, at the end of 2023 amounted to SAR 618.8 million, compared to SAR 614.37 million a year earlier.
Attached Documents
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 484.48 | 42.2 % | 119.95 | 70.3 % | 32.21 | 1510.2 % |
| Q2 2023 | 498.66 | 14.3 % | 105.94 | (3.0 %) | 17.84 | (36.6 %) |
| Q3 2023 | 533.74 | 13.2 % | 117.37 | (3.2 %) | 32.10 | (8.7 %) |
| Q4 2023 | 576.22 | 20.4 % | 151.51 | 27.1 % | 43.21 | 27.5 % |
| 2023 | 2,093.09 | 21.2 % | 494.77 | 17.8 % | 121.91 | 28.5 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 20.99 | 1261.1 % | 1.05 | - | 20.99 | 1.05 |
| Q2 2023 | 11.41 | (62.2 %) | 0.57 | - | 11.41 | 0.57 |
| Q3 2023 | 17.17 | (45.9 %) | 0.86 | - | 17.17 | 0.86 |
| Q4 2023 | 26.37 | (78.6 %) | 1.32 | - | 26.37 | 1.32 |
| 2023 | 75.94 | (59.3 %) | 3.80 | - | 75.94 | 3.80 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 25.11 % | 12.81 % | 5.58 % |
| Q2 2023 | 24.12 % | 12.00 % | 4.42 % |
| Q3 2023 | 23.17 % | 11.51 % | 3.56 % |
| Q4 2023 | 23.64 % | 12.25 % | 3.63 % |
| 2023 | 23.64 % | 12.08 % | 3.63 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 20.00 | 10.31 | 5.22 | 31.77 |
| Q2 2023 | 20.00 | 9.37 | 4.28 | 28.85 |
| Q3 2023 | 20.00 | 8.65 | 3.55 | 29.71 |
| Q4 2023 | 20.00 | 3.80 | 3.80 | 30.94 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 12.47 | 24.65 | 4.05 |
| Q2 2023 | 13.46 | 29.51 | 4.37 |
| Q3 2023 | 10.83 | 26.38 | 3.15 |
| Q4 2023 | 27.13 | 27.13 | 3.33 |
Business Segments (Million)
Q4 2023
| Period | Fresh Poultry | Animal Feed and Health | Food franchise operator |
|---|---|---|---|
| Q1 2023 | 406.00 | 61.50 | 17.00 |
| Q2 2023 | 419.70 | 59.00 | 20.00 |
| Q3 2023 | 433.41 | 76.71 | 23.68 |
| Q4 2023 | 463.10 | 85.50 | 27.70 |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 21.00 | 26.37 | 25.57 % |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 23.00 | 26.37 | 14.6 % |
| GIB Capital | 19.00 | 26.37 | 38.8 % |
| 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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