Tanmiah profit rises 39% to SAR 45M in H1 2024; Q2 at SAR 24M

Tanmiah profit rises 39% to SAR 45M in H1 2024; Q2 at SAR 24M

11/08/2024 Argaam Exclusive

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Tanmiah Food Co. reported a net profit of SAR 45 million in the first half of 2024, a rise of 39% from SAR 32.4 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 983.14 1,221.17 24.2 %
Gross Income 225.89 308.54 36.6 %
Operating Income 50.05 74.78 49.4 %
Net Income 32.40 44.97 38.8 %
Average Shares 20.00 20.00 -
EPS (Riyals) 1.62 2.25 38.8 %

The six-month period earnings were buoyed by fresh poultry sales that increased 18% year-on-year (YoY) to SAR 971.4 million.

 

In Q2 2024, Tanmiah’s bottom line more than doubled to reach SAR 24 million, compared to SAR 11.4 million in the second quarter of 2023, thanks to better revenue from the improved sales of fresh poultry, broader geographical coverage, focused marketing, and enhanced channel expansion.

 

The company’s gross profit climbed 55% YoY to SAR 164.1 million in Q2 2024, in line with revenue improvement.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 498.66 639.81 28.3 %
Gross Income 105.94 164.07 54.9 %
Operating Income 17.84 42.80 140.0 %
Net Income 11.41 24.02 110.5 %
Average Shares 20.00 20.00 -
EPS (Riyals) 0.57 1.20 110.5 %

On a sequential basis, net earnings rose 14.5% from SAR 20.9 million in Q1 2024.

 

Shareholders’ equity, before minority interest, reached SAR 625.8 million by the end of the first half of 2024, up from SAR 577 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %)
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 %
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 %
Q1 2024 581.36 20.0 % 144.46 20.4 % 35.50 10.2 %
Q2 2024 639.81 28.3 % 164.07 54.9 % 42.80 140.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 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
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)
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
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
Q1 2024 20.96 (0.2 %) 1.05 - 20.96 1.05
Q2 2024 24.02 110.5 % 1.20 - 24.02 1.20

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 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 %
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 %
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 %
Q1 2024 23.71 % 12.22 % 3.47 %
Q2 2024 24.77 % 12.81 % 3.80 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2023 20.00 8.65 3.55 29.71
Q4 2023 20.00 3.80 3.80 30.94
Q1 2024 20.00 3.80 3.80 31.99
Q2 2024 20.00 4.43 4.43 31.29

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2023 10.83 26.38 3.15
Q4 2023 27.13 27.13 3.33
Q1 2024 37.15 37.15 4.41
Q2 2024 27.66 27.66 3.91

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
Q3 2023 433.41 76.71 23.68
Q4 2023 463.10 85.50 27.70
Q1 2024 480.40 72.50 28.50
Q2 2024 491.00 117.70 31.10

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 23.00 24.02 4.43 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
Al Rajhi Capital 23.00 24.02 4.4 %
GIB Capital 23.00 24.02 4.4 %


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
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Share Price

Tanmiah Food Co.
122.60
0.40 0.33 %

Tanmiah Food Co. (TANMIAH)

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