Alamar Foods 2023 profit drops 51% to SAR 56.6M; Q4 at SAR 5.7M

26/03/2024 Argaam Exclusive

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Alamar Foods Co. reported a net profit of SAR 56.6 million in 2023, down 51% from SAR 115.3 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,075.89	991.66	(7.8 %)
Gross Income	362.35	293.00	(19.1 %)
Operating Income	135.64	73.88	(45.5 %)
Net Income	115.56	57.98	(49.8 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	4.53	2.27	(49.8 %)

The growth rate of total sales, based on current foreign exchange rates, declined 7.8% year-on-year (YoY). Sales performance was affected by the currency devaluation in Egypt and Lebanon, which affected the sales value by SAR 77 million. In addition, the absence of sales from Expo Dubai weighed down the sales value by SAR 9 million, along with the adverse effects on the business in Q4 due to the recent regional geopolitical tensions.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	273.14	225.66	(17.4 %)
Gross Income	90.74	65.15	(28.2 %)
Operating Income	32.05	10.89	(66.0 %)
Net Income	29.54	6.06	(79.5 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	1.16	0.24	(79.5 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	263.58	225.66	(14.4 %)
Gross Income	79.68	65.15	(18.2 %)
Operating Income	25.76	10.89	(57.7 %)
Net Income	20.06	6.06	(69.8 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	0.79	0.24	(69.8 %)

Total shareholders’ equity, after minority interest, stood at SAR 321 million by Dec. 31, 2023, compared to SAR 334 million a year ago.

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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	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	375.16	-	100.17	-	(1.82)	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	590.97	57.5 %	165.27	65.0 %	7.65	520.9 %
Q1 2020	167.21	-	45.85	-	5.77	-
Q2 2020	112.93	-	22.29	-	(8.05)	-
Q3 2020	205.22	-	82.31	-	43.27	-
Q4 2020	210.08	-	80.31	-	24.12	-
2020	695.45	17.7 %	230.75	39.6 %	65.11	751.3 %
Q1 2021	204.15	22.1 %	76.93	67.8 %	35.62	517.7 %
Q2 2021	197.51	74.9 %	65.42	193.5 %	26.31	426.7 %
Q3 2021	220.80	7.6 %	75.45	(8.3 %)	29.92	(30.9 %)
Q4 2021	245.69	16.9 %	89.30	11.2 %	34.67	43.8 %
2021	868.14	24.8 %	307.10	33.1 %	126.52	94.3 %
Q1 2022	270.97	32.7 %	98.88	28.5 %	45.26	27.0 %
Q2 2022	255.98	29.6 %	85.36	30.5 %	27.00	2.6 %
Q3 2022	275.80	24.9 %	87.38	15.8 %	31.34	4.7 %
Q4 2022	273.14	11.2 %	90.74	1.6 %	32.05	(7.6 %)
2022	1,075.89	23.9 %	362.35	18.0 %	135.64	7.2 %
Q1 2023	249.75	(7.8 %)	69.97	(29.2 %)	17.56	(61.2 %)
Q2 2023	252.66	(1.3 %)	78.21	(8.4 %)	22.63	(16.2 %)
Q3 2023	263.58	(4.4 %)	79.68	(8.8 %)	25.76	(17.8 %)
Q4 2023	225.66	(17.4 %)	65.15	(28.2 %)	10.89	(66.0 %)
2023	991.66	(7.8 %)	293.00	(19.1 %)	73.88	(45.5 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	375.16	-	100.17	-	(1.82)	-
2019	590.97	57.5 %	165.27	65.0 %	7.65	520.9 %
2020	695.45	17.7 %	230.75	39.6 %	65.11	751.3 %
2021	868.14	24.8 %	307.10	33.1 %	126.52	94.3 %
2022	1,075.89	23.9 %	362.35	18.0 %	135.64	7.2 %
2023	991.66	(7.8 %)	293.00	(19.1 %)	73.88	(45.5 %)

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	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	(27.66)	-	(1.08)	(22.50)	(5.16)	(0.20)
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	15.55	156.2 %	0.61	11.65	3.89	0.15
Q1 2020	2.98	-	0.12	-	2.98	0.12
Q2 2020	(10.81)	-	(0.42)	-	(10.81)	(0.42)
Q3 2020	40.85	-	1.60	-	40.85	1.60
Q4 2020	23.26	-	0.91	-	23.26	0.91
2020	56.28	262.0 %	2.21	-	56.28	2.21
Q1 2021	36.39	1122.8 %	1.43	-	36.39	1.43
Q2 2021	25.51	336.0 %	1.00	-	25.51	1.00
Q3 2021	25.49	(37.6 %)	1.00	-	25.49	1.00
Q4 2021	31.19	34.1 %	1.22	-	31.19	1.22
2021	118.59	110.7 %	4.65	-	118.59	4.65
Q1 2022	43.24	18.8 %	1.70	-	43.24	1.70
Q2 2022	23.98	(6.0 %)	0.94	-	23.98	0.94
Q3 2022	18.79	(26.3 %)	0.74	(13.11)	31.90	1.25
Q4 2022	29.54	(5.3 %)	1.16	(2.94)	32.48	1.27
2022	115.56	(2.6 %)	4.53	(16.04)	131.60	5.16
Q1 2023	14.32	(66.9 %)	0.56	(3.30)	17.62	0.69
Q2 2023	17.53	(26.9 %)	0.69	-	17.53	0.69
Q3 2023	20.06	6.8 %	0.79	(0.25)	20.32	0.80
Q4 2023	6.06	(79.5 %)	0.24	(1.03)	7.08	0.28
2023	57.98	(49.8 %)	2.27	(1.03)	59.00	2.31

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	(27.66)	-	(1.08)	(22.50)	(5.16)	(0.20)
2019	15.55	156.2 %	0.61	11.65	3.89	0.15
2020	56.28	262.0 %	2.21	-	56.28	2.21
2021	118.59	110.7 %	4.65	-	118.59	4.65
2022	115.56	(2.6 %)	4.53	(16.04)	131.60	5.16
2023	57.98	(49.8 %)	2.27	(1.03)	59.00	2.31

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	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	26.70 %	8.56 %	(1.37 %)
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	27.97 %	16.12 %	0.66 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	33.18 %	16.63 %	8.09 %
2020	33.18 %	23.42 %	8.09 %
Q1 2021	35.75 %	23.03 %	12.25 %
Q2 2021	37.33 %	27.84 %	15.43 %
Q3 2021	35.81 %	25.72 %	13.29 %
Q4 2021	35.37 %	25.95 %	13.66 %
2021	35.37 %	25.95 %	13.66 %
Q1 2022	35.19 %	25.48 %	13.42 %
Q2 2022	35.13 %	24.24 %	12.47 %
Q3 2022	34.42 %	23.46 %	12.43 %
Q4 2022	33.68 %	22.96 %	12.23 %
2022	33.68 %	22.96 %	12.23 %
Q1 2023	31.62 %	20.92 %	10.05 %
Q2 2023	31.03 %	20.67 %	9.47 %
Q3 2023	30.66 %	20.31 %	8.46 %
Q4 2023	29.55 %	19.08 %	6.31 %
2023	29.55 %	18.78 %	5.95 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	26.70 %	8.56 %	(1.37 %)
2019	27.97 %	16.12 %	0.66 %
2020	33.18 %	23.42 %	8.09 %
2021	35.37 %	25.95 %	13.66 %
2022	33.68 %	22.96 %	12.23 %
2023	29.55 %	18.78 %	5.95 %

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	27.42 %	-	1.78 %
Q2 2020	19.73 %	-	(9.57 %)
Q3 2020	40.11 %	33.00 %	19.91 %
Q4 2020	38.23 %	23.91 %	11.07 %
Q1 2021	37.68 %	28.77 %	17.83 %
Q2 2021	33.12 %	25.67 %	12.92 %
Q3 2021	34.17 %	24.67 %	11.55 %
Q4 2021	36.35 %	24.96 %	12.69 %
Q1 2022	36.49 %	26.47 %	15.96 %
Q2 2022	33.35 %	20.81 %	9.37 %
Q3 2022	31.68 %	21.62 %	11.56 %
Q4 2022	33.22 %	22.85 %	11.89 %
Q1 2023	28.01 %	18.14 %	7.05 %
Q2 2023	30.95 %	19.77 %	6.94 %
Q3 2023	30.23 %	20.24 %	7.71 %
Q4 2023	28.87 %	18.00 %	3.14 %

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	25.50	-	-	-
Q2 2020	25.50	-	-	-
Q3 2020	25.50	-	-	-
Q4 2020	25.50	2.21	2.21	8.84
Q1 2021	25.50	3.52	3.52	-
Q2 2021	25.50	4.94	4.94	11.05
Q3 2021	25.50	4.34	4.34	12.11
Q4 2021	25.50	4.65	4.65	13.36
Q1 2022	25.50	4.92	4.92	15.03
Q2 2022	25.50	4.86	4.86	13.57
Q3 2022	25.50	4.60	5.11	12.90
Q4 2022	25.50	4.53	5.16	13.12
Q1 2023	25.50	3.40	4.16	12.60
Q2 2023	25.50	3.14	3.90	12.88
Q3 2023	25.50	3.19	3.45	13.01
Q4 2023	25.50	2.27	2.45	12.67

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	25.50	(1.08)	(0.20)	11.41
2019	25.50	0.61	0.15	6.22
2020	25.50	2.21	2.21	8.84
2021	25.50	4.65	4.65	13.36
2022	25.50	4.53	5.16	13.12
2023	25.50	2.27	2.31	12.67

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	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	29.12	26.19	10.46
Q4 2022	30.32	26.62	10.58
Q1 2023	41.96	34.30	11.43
Q2 2023	41.24	33.23	10.17
Q3 2023	38.88	36.01	9.55
Q4 2023	41.75	38.70	7.56

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	30.63	26.90	10.58
2023	42.14	41.40	7.56

Business Segments (Million)

Compared With The

Period	Domino's Pizza	Dunkin Donuts	Other activities	Eliminations
Q3 2020	189.42	11.33	9.78	(5.30)
Q4 2020	193.76	12.28	9.53	(5.49)
Q1 2021	187.98	12.12	9.62	(5.58)
Q2 2021	173.85	10.60	18.53	(5.46)
Q3 2021	207.57	18.06	1.48	(6.32)
Q4 2021	219.03	22.39	11.79	(7.53)
Q1 2022	244.23	22.64	11.41	(7.31)
Q2 2022	232.33	18.80	11.95	(7.09)
Q3 2022	249.12	22.03	12.25	(7.60)
Q4 2022	250.57	18.89	11.86	(8.19)
Q1 2023	230.68	15.52	10.10	(6.55)
Q2 2023	230.25	17.31	11.16	(6.05)
Q3 2023	238.87	20.35	11.25	(6.89)
Q4 2023	210.96	11.55	8.68	(5.53)

Period	Domino's Pizza	Dunkin Donuts	Other activities	Eliminations
2019	546.15	26.82	18.00	-
2020	644.16	35.82	33.09	(17.62)
2021	788.43	63.17	41.42	(24.89)
2022	976.25	82.35	47.47	(30.19)
2023	910.76	64.72	41.19	(25.02)

Analysts Estimates (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	22.00	6.06	(72.5 %)

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
GIB Capital	22.00	6.06	(72.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,953.30
Enterprise Value (EV) (M)	1,830.90
Shares Outstanding ((M))	25.50
EPS ( Riyal) (TTM)	0.86
Book Value (BV) ( Riyal)	11.48
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	6.68
Return on Average Assets (%) (TTM)	3.1
Return on Average Equity (%) (TTM)	7.0

Alamar Foods Co. (ALAMAR)

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Alamar Foods 2023 profit drops 51% to SAR 56.6M; Q4 at SAR 5.7M

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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 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Alamar Foods Co. (ALAMAR)

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Alamar Foods 2023 profit drops 51% to SAR 56.6M; Q4 at SAR 5.7M

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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) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Alamar Foods Co. (ALAMAR)

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Business Segments (Million)