Tanmiah 9M 2024 profit rises 39% to SAR 69.1M; Q3 at SAR 24.1M

Tanmiah 9M 2024 profit rises 39% to SAR 69.1M; Q3 at SAR 24.1M

03/11/2024 Argaam Exclusive

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Tanmiah Food Co.’s net profit leapt 39% to SAR 69.1 million in the first nine months of 2024, from SAR 49.6 million in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,516.87 1,878.60 23.8 %
Gross Income 343.26 476.00 38.7 %
Operating Income 90.00 130.40 44.9 %
Net Income 49.57 69.10 39.4 %
Average Shares 20.00 20.00 -
EPS (Riyals) 2.48 3.46 39.4 %
The year-on-year (YoY) profit rise was attributed to a 24% surge in revenues to SAR 1.87 billion, driven by increased production capacity for fresh poultry, growth in fresh poultry sales volume, enhanced geographic coverage, intensified marketing activities, and expanded distribution channels. 


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 533.74 657.40 23.2 %
Gross Income 117.37 167.40 42.6 %
Operating Income 32.10 48.10 49.8 %
Net Income 17.17 24.10 40.4 %
Average Shares 20.00 20.00 -
EPS (Riyals) 0.86 1.21 40.4 %

Earnings leapt YoY by 40% to SAR 24.10 million in Q3 2024, as revenues jumped 23% and gross profit increased by 43%. 

 

On quarterly basis, Q3 net profit edged up 0.3% from SAR 24.02 million in Q2 2024.

 

Total shareholders’ equity, after minority interest, increased to SAR 649.9 million as of Sept. 30, 2024, from SAR 594.2 million in the year-earlier period.

View More Financial Results

 


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 %
Q3 2024 657.40 23.2 % 167.40 42.6 % 48.10 49.8 %


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
Q3 2024 24.10 40.4 % 1.21 - 24.10 1.21

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 %
Q3 2024 25.56 % - 3.89 %


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
Q3 2024 20.00 4.77 4.77 32.50

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
Q3 2024 30.17 30.17 4.43

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
Q3 2024 494.22 129.23 34.35

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 22.50 24.12 7.19 %

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
GIB Capital 23.00 24.12 4.9 %
Al Rajhi Capital 22.00 24.12 9.6 %


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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