Tanmiah Food H1 2023 profit up 2% to SAR 32.4 mln; Q2 at SAR 11.4 mln

13/08/2023 Argaam Exclusive

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Tanmiah Food Co. reported a net profit of SAR 32.4 million in H1 2023, a rise of 2% from SAR 31.7 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	776.72	983.14	26.6 %
Gross Income	179.66	225.89	25.7 %
Operating Income	25.85	50.05	93.6 %
Net Income	31.74	32.40	2.1 %
Average Shares	20.00	20.00	-
EPS (Riyals)	1.59	1.62	2.1 %

The company’s revenue increased 26.6% year-on-year (YoY) to SAR 983.1 million due to the improved performance of all segments. Fresh poultry was the key contributor to this growth. Meanwhile, revenues from food franchise operations nearly quadrupled YoY to SAR 37 million in H1 2023, while animal feed and health witnessed a rise of 32.4% YoY in revenue.

Operating profit jumped 63.5% YoY to SAR 57.9 million, thanks to higher sales volumes.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	436.10	498.66	14.3 %
Gross Income	109.24	105.94	(3.0 %)
Operating Income	28.13	17.84	(36.6 %)
Net Income	30.20	11.41	(62.2 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	1.51	0.57	(62.2 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	484.48	498.66	2.9 %
Gross Income	119.95	105.94	(11.7 %)
Operating Income	32.21	17.84	(44.6 %)
Net Income	20.99	11.41	(45.6 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	1.05	0.57	(45.6 %)

The second-quarter net profit dived 62.3% to SAR 11.4 million from SAR 30.2 million in Q2 2022. The company was impacted by the continued pricing pressures in the market, a subsidy decrease, and ongoing efforts to bolster production capacity, which outweighed the improved volumes during the quarter.

Selling, general and administrative expenses (SG&A) also increased as Tanmiah remained focused on boosting its market reach by quickly expanding its distribution network, including the food franchise operations.

Revenue grew by 14.3% YoY to SAR 498.7 million. This was mainly driven by fresh poultry sales, which climbed by 10.3% YoY to SAR 419.7 million.

Compared to Q1 2023, net earnings fell by 45.7% from SAR 21 million, despite the jump in sales volumes.

Shareholders’ equity, before minority interest, rose to SAR 577 million as of June 30, 2023, from SAR 377.7 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 %
Q2 2023	498.66	14.3 %	105.94	(3.0 %)	17.84	(36.6 %)

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
Q2 2023	11.41	(62.2 %)	0.57	-	11.41	0.57

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 %
Q2 2023	24.12 %	12.00 %	4.42 %

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 %
Q2 2023	21.25 %	10.10 %	2.29 %

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
Q2 2023	20.00	9.37	4.28	28.85

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
Q2 2023	13.46	29.51	4.37

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
Q2 2023	419.70	59.00	20.00

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	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	30.00	11.41	(62.0 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
Al Rajhi Capital	30.00	11.41	(62.0) %

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 H1 2023 profit up 2% to SAR 32.4 mln; Q2 at SAR 11.4 mln

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Financials (M)

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 Q2

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 H1 2023 profit up 2% to SAR 32.4 mln; Q2 at SAR 11.4 mln

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Financials (M)

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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

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)