Alamar incurs SAR 3.6M loss in H1 2024; earns SAR 13.1M in Q2

Alamar incurs SAR 3.6M loss in H1 2024; earns SAR 13.1M in Q2

06/08/2024 Argaam Exclusive

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Alamar Foods Co. swung to a net loss of SAR 3.6 million in H1 2024, against earnings of SAR 31.9 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 502.41 433.30 (13.8 %)
Gross Income 148.18 119.49 (19.4 %)
Operating Income 40.18 0.67 (98.3 %)
Net Income 31.86 (3.53) (111.1 %)
Average Shares 25.50 25.50 -
EPS (Riyals) 1.25 (0.14) (111.1 %)

The profit decline was due to lower sales on the ongoing geopolitical situation in the region and the currency devaluation in Egypt, in addition to the non-recurring costs recorded in the first quarter of 2024 amounting to SAR 11 million.

 

The second-quarter net profit dropped 26% to SAR 13.1 million from SAR 17.5 million in Q2 2023, hurt by lower sales.

 

Meanwhile, the company turned profitable from a loss of SAR 16.62 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 252.66 226.45 (10.4 %)
Gross Income 78.21 68.85 (12.0 %)
Operating Income 22.63 18.86 (16.7 %)
Net Income 17.53 12.31 (29.8 %)
Average Shares 25.50 25.50 -
EPS (Riyals) 0.69 0.48 (29.8 %)

Shareholders’ equity, after minority interest, declined to SAR 284.47 million as of June 30, 2024, from SAR 326.80 million a year earlier.

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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 %)
Q2 2024 226.45 (10.4 %) 68.85 (12.0 %) 18.86 (16.7 %)


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)
Q2 2024 12.31 (29.8 %) 0.48 - 12.31 0.48

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 %
Q2 2024 28.65 % 16.85 % 2.50 %


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
Q2 2024 25.50 0.86 0.91 11.28

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
Q2 2024 93.19 88.03 7.06

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)
Q2 2024 212.25 10.67 9.23 (5.70)

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 11.00 13.10 19.05 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
GIB Capital 11.00 13.10 19.1 %


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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