Alamar Foods turns to SAR 16.8M net loss in Q1 2024

Alamar Foods turns to SAR 16.8M net loss in Q1 2024

19/05/2024 Argaam Exclusive

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Alamar Foods Co. reported a net loss of SAR 16.8 million for Q1 2024, versus a net profit of SAR 14.3 million in the year-earlier period, on the negative operating leverage effect as well as non-recurring costs of SAR 11 million recognized in the first quarter of 2024.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 249.75 206.85 (17.2 %)
Gross Income 69.97 50.65 (27.6 %)
Operating Income 17.56 (13.67) (177.9 %)
Net Income 14.32 (16.62) (216.1 %)
Average Shares 25.50 25.50 -
EPS (Riyals) 0.56 (0.65) (216.1 %)

Sales decreased primarily driven by the impact from the ongoing regional geopolitical situation, and Ramadan seasonality shift.

 

Net profit was weighed down by negative operating leverage effect as well as non-recurring costs of SAR 11 million recognized in the first quarter of 2024.

 

On a quarterly basis, the company swung to a net loss, versus a net profit of SAR 6.06 million in Q4 2023, on lower sales.

 

Shareholders’ equity, after minority interest, reached SAR 285 million by March 31, 2024, compared to SAR 321 million in the prior-year period.

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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 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 -
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 %
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 %)
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 %)
Q1 2024 206.85 (17.2 %) 50.65 (27.6 %) (13.67) (177.9 %)


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 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
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
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
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
Q1 2024 (16.62) (216.1 %) (0.65) - (16.62) (0.65)

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 33.18 % 16.63 % 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 %
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 %
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 %
Q1 2024 28.85 % 16.87 % 2.98 %


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 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
Q1 2024 25.50 1.06 1.11 11.17

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 - - -
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
Q1 2024 86.61 82.69 8.22

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)
Q1 2024 193.50 10.56 8.49 (5.70)

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 9.00 (16.62) (284.7 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
GIB Capital 9.00 (16.62) (284.7) %


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
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Share Price

Alamar Foods Co.
76.60
0.60 0.79 %

Alamar Foods Co. (ALAMAR)

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