Tanmiah Food profit soars to SAR 21 mln in Q1 2023

14/05/2023 Argaam Exclusive

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Tanmiah Food Co.’s Q1 2023 net profit skyrocketed to SAR 21 million, from SAR 1.5 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	340.62	484.48	42.2 %
Gross Income	70.43	119.95	70.3 %
Operating Income	(2.28)	32.21	1510.2 %
Net Income	1.54	20.99	1261.1 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.08	1.05	1261.1 %

Item	Q4 2022	Q1 2023	Change‬
Revenues	478.78	484.48	1.2 %
Gross Income	119.22	119.95	0.6 %
Operating Income	33.89	32.21	(5.0 %)
Net Income	123.33	20.99	(83.0 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	6.17	1.05	(83.0 %)

The company recorded a remarkable rise in revenue of 42.2% year-on-year (YoY) to SAR 484.5 million, as it maintained higher sales volumes across its portfolio. Fresh poultry remained the primary contributor to the solid top line performance, with revenue amounting to SAR 406 million, an increase of 37.4% YoY.

Gross profit increased significantly by 70.3% YoY in Q1 2023 to SAR 120 million, on the back of the pickup in revenue, which outweighed the increase in the cost of sales. This came in addition to a sustained recovery in margins, and enhanced utilization of assets.

On the other hand, the cost of sales increased 34.9% YoY to SAR 364.5 million. Tanmiah also reported a 26.2% YoY increase in selling, general and administrative expenses.

Compared to Q4 2022, the first-quarter net profit plunged 83% from SAR 123.33 million.

The Q4 2022 net profit included a one-off gain of SAR 101.9 million from the acquisition of a 60% stake in Supreme Foods Processing Co. (SFPC) by Tyson Foods.

Shareholders’ equity, after minority interest, rose to SAR 635.4 million as of March 31, 2023, from SAR 357.7 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	995.20	-	208.44	-	59.34	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	1,091.36	9.7 %	242.10	16.1 %	94.82	59.8 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	1,145.66	5.0 %	278.05	14.8 %	104.93	10.7 %
Q1 2020	295.62	-	73.03	-	24.14	-
Q2 2020	280.14	-	66.29	-	18.10	-
Q3 2020	304.29	-	79.06	-	25.04	-
Q4 2020	331.88	-	91.26	-	38.91	-
2020	1,211.93	5.8 %	309.65	11.4 %	106.19	1.2 %
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 %)
Q4 2021	414.53	24.9 %	74.05	(18.9 %)	(1.37)	(103.5 %)
2021	1,209.57	(0.2 %)	231.82	(25.1 %)	9.71	(90.9 %)
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 %
Q4 2022	478.78	15.5 %	119.22	61.0 %	33.89	2568.1 %
2022	1,727.04	42.8 %	420.19	81.3 %	94.89	877.4 %
Q1 2023	484.48	42.2 %	119.95	70.3 %	32.21	1510.2 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	995.20	-	208.44	-	59.34	-
2018	1,091.36	9.7 %	242.10	16.1 %	94.82	59.8 %
2019	1,145.66	5.0 %	278.05	14.8 %	104.93	10.7 %
2020	1,211.93	5.8 %	309.65	11.4 %	106.19	1.2 %
2021	1,209.57	(0.2 %)	231.82	(25.1 %)	9.71	(90.9 %)
2022	1,727.04	42.8 %	420.19	81.3 %	94.89	877.4 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	(76.93)	-	(7.69)	(135.06)	58.13	5.81
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	74.90	197.4 %	7.49	-	74.90	7.49
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	70.82	(5.4 %)	3.54	-	70.82	3.54
Q1 2020	16.05	-	0.80	-	16.05	0.80
Q2 2020	10.46	-	0.52	-	10.46	0.52
Q3 2020	17.52	-	0.88	-	17.52	0.88
Q4 2020	30.38	-	1.52	-	30.38	1.52
2020	74.41	5.1 %	3.72	-	74.41	3.72
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
Q4 2021	(12.36)	(140.7 %)	(0.62)	-	(12.36)	(0.62)
2021	13.56	(81.8 %)	0.68	-	13.56	0.68
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
Q4 2022	123.33	1097.5 %	6.17	101.93	21.40	1.07
2022	186.81	1278.0 %	9.34	101.93	84.88	4.24
Q1 2023	20.99	1261.1 %	1.05	-	20.99	1.05

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	(76.93)	-	(7.69)	(135.06)	58.13	5.81
2018	74.90	197.4 %	7.49	-	74.90	7.49
2019	70.82	(5.4 %)	3.54	-	70.82	3.54
2020	74.41	5.1 %	3.72	-	74.41	3.72
2021	13.56	(81.8 %)	0.68	-	13.56	0.68
2022	186.81	1278.0 %	9.34	101.93	84.88	4.24

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	20.94 %	9.09 %	5.84 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	22.18 %	10.47 %	6.86 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	24.27 %	14.99 %	6.18 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	25.55 %	15.05 %	6.14 %
2020	25.55 %	15.05 %	6.14 %
Q1 2021	25.37 %	16.42 %	6.01 %
Q2 2021	24.64 %	13.83 %	5.11 %
Q3 2021	23.61 %	12.39 %	3.87 %
Q4 2021	21.22 %	9.43 %	0.88 %
2021	19.17 %	8.62 %	1.12 %
Q1 2022	20.36 %	7.73 %	(0.24 %)
Q2 2022	21.43 %	9.03 %	1.46 %
Q3 2022	22.55 %	10.56 %	3.07 %
Q4 2022	24.33 %	11.67 %	4.91 %
2022	24.33 %	11.67 %	4.91 %
Q1 2023	25.11 %	12.81 %	5.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	20.94 %	9.09 %	5.84 %
2018	22.18 %	10.47 %	6.86 %
2019	24.27 %	14.99 %	6.18 %
2020	25.55 %	15.05 %	6.14 %
2021	19.17 %	8.62 %	1.12 %
2022	24.33 %	11.67 %	4.91 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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	24.70 %	-	5.43 %
Q2 2020	23.66 %	18.98 %	3.74 %
Q3 2020	25.98 %	14.63 %	5.76 %
Q4 2020	27.50 %	18.23 %	9.16 %
Q1 2021	24.25 %	14.30 %	5.10 %
Q2 2021	21.33 %	8.70 %	0.93 %
Q3 2021	21.83 %	9.10 %	0.95 %
Q4 2021	17.86 %	6.07 %	(2.98 %)
Q1 2022	20.68 %	7.13 %	0.45 %
Q2 2022	25.05 %	13.27 %	6.92 %
Q3 2022	25.73 %	14.47 %	6.73 %
Q4 2022	24.90 %	10.68 %	4.47 %
Q1 2023	24.76 %	12.88 %	4.33 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
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	20.00	-	-	-
Q2 2020	20.00	-	-	-
Q3 2020	20.00	-	-	-
Q4 2020	20.00	3.72	3.72	17.38
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
Q4 2021	20.00	0.68	0.68	17.81
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
Q4 2022	20.00	9.34	4.24	30.72
Q1 2023	20.00	10.31	5.22	31.77

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	10.00	(7.69)	5.81	10.92
2018	10.00	7.49	7.49	17.83
2019	20.00	3.54	3.54	14.34
2020	20.00	3.72	3.72	17.38
2021	20.00	0.68	0.68	17.81
2022	20.00	9.34	4.24	30.72

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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	38.08	38.08	5.74
Q4 2021	More than 100	More than 100	4.61
Q1 2022	NEG	NEG	4.50
Q2 2022	59.50	59.50	3.64
Q3 2022	41.32	41.32	5.16
Q4 2022	14.05	30.91	4.27
Q1 2023	12.47	24.65	4.05

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	More than 100	More than 100	4.61
2022	14.05	30.91	4.27

Business Segments (Million)

Compared With The

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
Q4 2022	392.30	73.40	13.10
Q1 2023	406.00	61.50	17.00

Period	Fresh Poultry	Animal Feed and Health	Food franchise operator
2021	1,078.70	130.40	0.38
2022	1,462.90	234.50	29.60

Analysts Estimates (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change‬
Average	27.00	20.99	(22.3 %)

Estimates vs Actual (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change
Al Rajhi Capital	27.00	20.99	(22.3) %

Financial Ratios

	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

Tanmiah Food Co. (TANMIAH)

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Tanmiah Food profit soars to SAR 21 mln in Q1 2023

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Tanmiah Food Co. (TANMIAH)

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Tanmiah Food profit soars to SAR 21 mln in Q1 2023

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Tanmiah Food Co. (TANMIAH)

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Business Segments (Million)