Almunajem Foods 9M 2021 profit drops 41% to SAR 120 mln
28/12/2021
Argaam Exclusive
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Almunajem Foods Co. posted a net profit after Zakat and tax of SAR 120 million for the first nine months of 2021, a decline of 41% compared with SAR 202 million a year earlier.
Financials (M)
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 1,916.36 | 1,897.53 | (1.0 %) |
| Gross Income | 387.27 | 326.04 | (15.8 %) |
| Operating Income | 199.92 | 129.76 | (35.1 %) |
| Net Income | 201.89 | 120.11 | (40.5 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 3.36 | 2.00 | (40.5 %) |
The profit decline was attributed to lower sales, as well as a rise in the cost of sales, administrative and marketing expenses, and Zakat.
This is despite a decline in general expenses and cost of finance.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 626.38 | 654.99 | 4.6 % |
| Gross Income | 122.27 | 119.60 | (2.2 %) |
| Operating Income | 60.68 | 55.44 | (8.6 %) |
| Net Income | 66.80 | 52.66 | (21.2 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 1.11 | 0.88 | (21.2 %) |
Meanwhile, the firm reported a fall of 21.2% in Q3 2021 net profit to SAR 52.66 million, compared with SAR 66.80 million in Q3 2020.
The three-month profit decline is due to a rise in the cost of sales, administrative and marketing expenses, and Zakat.
On a sequential basis, Q3 2021 net profit rose 38.6% from SAR 37.99 million in Q2 2021.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2021 | 628.06 | (8.7 %) | 97.44 | (29.5 %) | 33.21 | (57.2 %) |
| Q2 2021 | 614.48 | 2.0 % | 109.00 | (14.1 %) | 41.10 | (33.3 %) |
| Q3 2021 | 654.99 | 4.6 % | 119.60 | (2.2 %) | 55.44 | (8.6 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2021 | 29.47 | (61.1 %) | 0.49 | - | 29.47 | 0.49 |
| Q2 2021 | 37.99 | (36.1 %) | 0.63 | - | 37.99 | 0.63 |
| Q3 2021 | 52.66 | (21.2 %) | 0.88 | - | 52.66 | 0.88 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2021 | 18.03 % | 9.02 % | 6.99 % |
| Q2 2021 | 17.22 % | 8.14 % | 6.09 % |
| Q3 2021 | 16.92 % | 7.82 % | 5.87 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2021 | 60.00 | 3.06 | 2.89 | 11.17 |
| Q2 2021 | 60.00 | 2.70 | 2.53 | 11.80 |
| Q3 2021 | 60.00 | 2.47 | 2.47 | 12.68 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2021 | - | - | - |
| Q2 2021 | - | - | - |
| Q3 2021 | - | - | - |
Business Segments (Million)
Q3 2021
| Period | Wholesale goods-in-transit& food services | Retail goods-in-transit | Storage rent revenue |
|---|---|---|---|
| Q1 2021 | 348.08 | 278.34 | 1.63 |
| Q2 2021 | 378.14 | 234.31 | 2.04 |
| Q3 2021 | 421.05 | 231.70 | 2.24 |
| Current | |
| Market Cap (M Riyal) | 5,862.00 |
| Enterprise Value (EV) (M) | 5,885.52 |
| Shares Outstanding ((M)) | 60.00 |
| EPS ( Riyal) (TTM) | 5.00 |
| Book Value (BV) ( Riyal) | 17.85 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 19.54 |
| P/E (TTM) | 19.54 |
| Price/book | 5.47 |
| Return on Average Assets (%) (TTM) | 18.4 |
| Return on Average Equity (%) (TTM) | 29.5 |
Share Price
Almunajem Foods Co. (ALMUNAJEM)
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