Alamar net profit down 66% to SAR 14.5 mln in Q1 2023

14/05/2023 Argaam Exclusive

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Alamar Foods Co.’s net profit slumped 66% to SAR 14.5 million in Q1 2023, from SAR 43.2 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	270.97	249.75	(7.8 %)
Gross Income	98.88	69.97	(29.2 %)
Operating Income	45.26	17.56	(61.2 %)
Net Income	43.24	14.32	(66.9 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	1.70	0.56	(66.9 %)

Item	Q4 2022	Q1 2023	Change‬
Revenues	273.14	249.75	(8.6 %)
Gross Income	90.74	69.97	(22.9 %)
Operating Income	32.05	17.56	(45.2 %)
Net Income	29.54	14.32	(51.5 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	1.16	0.56	(51.5 %)

The profit decline is attributed to lower gross sales on the back of the foreign currency devaluation in Egypt and Lebanon, in addition to the absence of the sales generated during EXPO Dubai where Alamar was the exclusive Pizza provider, as well as the seasonal shift of Ramadan. However, excluding the aforementioned reasons; gross sales value growth is positive compared to the same quarter last year.

Net profit was hit by sales performance combined with the inflationary headwinds which started impacting the company from H2 2022 resulting in an increase in the cost of sales. In addition, net income was impacted by the cost of the employee stock ownership plan amounting to SAR 3.3 million.

The inflationary headwinds are expected to ease in H2 2023.

The company generated cash flows from operating activities during the current quarter amounting to SAR 23 million.

Sequentially, Alamar’s net profit fell 50.8% from SAR 29.54 million in Q4 2022.

Total shareholders’ equity, excluding minority interest, stood at SAR 319.8 million as of March 31, 2023, compared to SAR 382.26 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	-	-	-	-	-	-
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
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 %

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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
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

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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
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 %

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 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
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

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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	30.63	26.90	10.58

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)

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)

Financial Ratios

	Current
Market Cap (M Riyal)	1,894.65
Enterprise Value (EV) (M)	1,772.25
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	6.47
Return on Average Assets (%) (TTM)	3.1
Return on Average Equity (%) (TTM)	7.0

Alamar Foods Co. (ALAMAR)

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Alamar net profit down 66% to SAR 14.5 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

Financial Ratios

Share Price

Alamar Foods Co. (ALAMAR)

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Alamar net profit down 66% to SAR 14.5 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

Financial Ratios

Share Price

Alamar Foods Co. (ALAMAR)

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Business Segments (Million)