Alamar profit dips 53% to SAR 31.9 mln in H1 2023; Q2 at SAR 17.8 mln

13/08/2023 Argaam Exclusive

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Alamar Foods Co. reported a net profit of SAR 31.9 million in H1 2023, a fall of 53% from SAR 67.2 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	526.95	502.41	(4.7 %)
Gross Income	184.24	148.18	(19.6 %)
Operating Income	72.25	40.18	(44.4 %)
Net Income	67.22	31.86	(52.6 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	2.64	1.25	(52.6 %)

The company recorded. 4.7% decline year-on-year (YoY) in sales, impacted by the currency devaluation in Egypt and Lebanon by SAR 46.5 million, and also the absence of SAR 8.9 million sales in EXPO Dubai.

Alamar’s half-year results were also impacted by inflation in the cost of sales from H2 2022, and the cost of the employee stock ownership plan amounted to SAR 6.4 million. By contrasts, the total number of orders grew by 2.8% YoY. Alamar generated operating cash flows of SAR 70 million in the current period from an EBITDA conversion ratio of 105%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	255.98	252.66	(1.3 %)
Gross Income	85.36	78.21	(8.4 %)
Operating Income	27.00	22.63	(16.2 %)
Net Income	23.98	17.53	(26.9 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	0.94	0.69	(26.9 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	249.75	252.66	1.2 %
Gross Income	69.97	78.21	11.8 %
Operating Income	17.56	22.63	28.9 %
Net Income	14.32	17.53	22.4 %
Average Shares	25.50	25.50	-
EPS (Riyals)	0.56	0.69	22.4 %

The second-quarter net profit dropped 26% to SAR 17.8 million from SAR 23.9 million in Q2 2022. Sales decreased by 1.3% YoY on the currency devaluation in Egypt and Lebanon by SAR 22.7 million, and the application of the constant foreign exchange rate. The Q2 profit was hurt by inflation in the cost of sales from H2 2022, and the cost of the employee stock ownership plan amounted to SAR 3.1 million. By contrasts, the total number of orders grew by 3.5% YoY.

The Q2 net earnings climbed 24.3% from SAR 14.32 million backed by improved sales performance and gross profit, which jumped 11.8% quarter-on-quarter (QoQ) Gross profit margins also expanded by 290 basis points. The gross profit is expected to continue growth in H2 2023.

Shareholders’ equity, after minority interest, rose marginally to SAR 326.80 million as of June 30, 2023, from SAR 345.99 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 %)
Q2 2023	252.66	(1.3 %)	78.21	(8.4 %)	22.63	(16.2 %)

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
Q2 2023	17.53	(26.9 %)	0.69	-	17.53	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 %
Q2 2023	31.03 %	20.67 %	9.47 %

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 %
Q2 2023	30.95 %	19.77 %	6.94 %

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

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
Q2 2023	41.24	33.23	10.17

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)
Q2 2023	230.25	17.31	11.16	(6.05)

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)

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	22.26	17.53	(21.2 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
Goldman Sachs	14.79	17.53	18.5 %
Hermes	25.00	17.53	(29.9) %
HSBC	27.00	17.53	(35.1) %

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 profit dips 53% to SAR 31.9 mln in H1 2023; Q2 at SAR 17.8 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

Alamar Foods Co. (ALAMAR)

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Alamar profit dips 53% to SAR 31.9 mln in H1 2023; Q2 at SAR 17.8 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

Alamar Foods Co. (ALAMAR)

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Business Segments (Million)