Alamar 9M 2023 profit dips 40% to SAR 52 mln; Q3 at SAR 20.1 mln

07/11/2023 Argaam Exclusive

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Alamar Foods Co. reported a 40% profit fall in the first nine months of 2023 to SAR 52 million from SAR 86 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	802.75	765.99	(4.6 %)
Gross Income	271.62	227.85	(16.1 %)
Operating Income	103.59	68.60	(33.8 %)
Net Income	86.01	51.92	(39.6 %)
Average Shares	25.50	25.50	-
EPS (Riyals)	3.37	2.04	(39.6 %)

The company cited a 4.6% decline year-on-year (YoY) in total sales value upon applying the current foreign exchange rate.

The sales value fell by SAR 68 million in Egypt and Lebanon due to the foreign currency devaluation, in addition to the absence of SAR 9 million in sales at EXPO Dubai.

On the other hand, total sales grew by 3.9% YoY, applying the constant foreign exchange rate.

Total sales saw 5% YoY growth, applying the constant foreign exchange rate and excluding EXPO Dubai sales in the first quarter of 2022.

Operating cash flows reached SAR 149 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	275.80	263.58	(4.4 %)
Gross Income	87.38	79.68	(8.8 %)
Operating Income	31.34	25.76	(17.8 %)
Net Income	18.79	20.06	6.8 %
Average Shares	25.50	25.50	-
EPS (Riyals)	0.74	0.79	6.8 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	252.66	263.58	4.3 %
Gross Income	78.21	79.68	1.9 %
Operating Income	22.63	25.76	13.8 %
Net Income	17.53	20.06	14.4 %
Average Shares	25.50	25.50	-
EPS (Riyals)	0.69	0.79	14.4 %

The third-quarter bottom line jumped 7% year-on-year (YoY) to SAR 20.1 million, thanks to a 3.3% YoY rise in sales applying the constant foreign exchange rate.

Alamar’s net profit growth was also supported by the lower cost of the employee stock ownership program recorded in the current quarter, according to the program's applicable accounting treatment.

Operating cash flows came in at SAR 79 million in the three-month period.

Meanwhile, total sales declined by 4.4% YoY, applying the constant foreign exchange rate.

Net profit rose 14.7% from SAR 17.5 million in Q2 2023 as sales and gross profit increased by 4.3% and 1.9% quarter-on-quarter (QoQ), respectively.

Total shareholders’ equity, no minority interest, increased to SAR 332 million as of Sept. 30, 2023, from SAR 329 million in the prior-year period.

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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 %)

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
Q3 2023	20.06	6.8 %	0.79	(0.25)	20.32	0.80

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 %
Q3 2023	30.66 %	20.31 %	8.46 %

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 %
Q3 2023	30.23 %	20.24 %	7.71 %

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

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
Q3 2023	38.88	36.01	9.55

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)
Q3 2023	238.87	20.35	11.25	(6.89)

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 9M 2023 profit dips 40% to SAR 52 mln; Q3 at SAR 20.1 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 Q3

Financial Ratios

Share Price

Alamar Foods Co. (ALAMAR)

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Alamar 9M 2023 profit dips 40% to SAR 52 mln; Q3 at SAR 20.1 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) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

Alamar Foods Co. (ALAMAR)

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Business Segments (Million)