Almunajem H1 2022 net profit surges to SAR 219.6 mln; Q2 at SAR 122.1 mln

Almunajem H1 2022 net profit surges to SAR 219.6 mln; Q2 at SAR 122.1 mln

19/07/2022 Argaam Exclusive

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Almunajem Foods Co.’s H1 2022 estimated net profit after Zakat and tax more than tripled to SAR 219.6 million, compared to SAR 67.5 million a year earlier.  



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 1,242.54 1,500.48 20.8 %
Gross Income 206.44 368.49 78.5 %
Operating Income 74.32 222.93 200.0 %
Net Income 67.46 219.68 225.7 %
Average Shares 60.00 60.00 -
EPS (Riyals) 1.12 3.66 225.7 %

The profit rise was driven by a 20.8% year-on-year (YoY) increase in revenue to SAR 1.500 billion.

 

Gross profit also jumped 79.4% YoY, on improved profit margins of most product categories, due to better trade conditions during the period.

 

This came despite an 11.6% YoY increase in operating expenses to SAR 147.5 million. The company also reported a 52.3% rise YoY in Zakat expenses to SAR 11.3 million as result of a wider Zakat base.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 614.48 712.48 15.9 %
Gross Income 109.00 195.96 79.8 %
Operating Income 41.10 121.75 196.2 %
Net Income 37.99 122.12 221.5 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.63 2.04 221.5 %

The company’s Q2 2022 net profit after Zakat and tax increased over threefold to SAR 122.1 million, from SAR 37.99 million in the prior-year period, as revenue leapt 16% YoY to SAR 712.9 million. Moreover, gross profit saw a spike of 80.8% YoY.

 

Almunajem’s second-quarter net profit climbed 25.2% from SAR 97.56 million in Q1 2022.

 

Total shareholders’ equity, after minority interest, increased to SAR 904.4 million as of June 30, 2022, from SAR 707.9 million a year earlier.

 

Almunajem also noted that the estimated financial results for the current period were prepared by the management and have not yet been reviewed by the external auditor.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2013 - - - - - - -
Q2 2013 - - - - - - -
Q3 2013 - - - - - - -
Q4 2013 - - - - - - -
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 687.58 - 138.11 - 75.67 - 1.26
Q2 2020 602.41 - 126.89 - 59.42 - 0.99
Q3 2020 626.38 - 122.27 - 66.80 - 1.11
Q4 2020 622.09 - 100.28 - 27.79 - 0.46
Q1 2021 628.06 (8.7 %) 97.44 (29.5 %) 29.47 (61.1 %) 0.49
Q2 2021 614.48 2.0 % 109.00 (14.1 %) 37.99 (36.1 %) 0.63
Q3 2021 654.99 4.6 % 119.60 (2.2 %) 52.66 (21.2 %) 0.88
Q4 2021 679.50 9.2 % 115.34 15.0 % 45.98 65.5 % 0.77
Q1 2022 788.01 25.5 % 172.53 77.1 % 97.56 231.1 % 1.63
Q2 2022 712.48 15.9 % 195.96 79.8 % 122.12 221.5 % 2.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
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 19.21 % 10.55 % 8.64 %
Q1 2021 18.03 % 9.02 % 6.99 %
Q2 2021 17.22 % 8.14 % 6.09 %
Q3 2021 16.92 % 7.82 % 5.87 %
Q4 2021 17.13 % 8.34 % 6.45 %
Q1 2022 18.87 % 10.35 % 8.56 %
Q2 2022 21.28 % 12.86 % 11.23 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
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 60.00 - - 8.99
Q2 2020 60.00 - - 8.76
Q3 2020 60.00 - - 8.41
Q4 2020 60.00 3.83 3.66 10.67
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
Q4 2021 60.00 2.77 2.77 13.41
Q1 2022 60.00 3.90 3.90 15.04
Q2 2022 60.00 5.31 5.31 15.07

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
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 20.99 20.99 4.33
Q1 2022 15.63 15.63 4.06
Q2 2022 11.10 11.10 3.91

Business Segments (Million)

Compared With The
Period Wholesale goods-in-transit& food services Retail goods-in-transit Storage rent revenue
Q1 2020 401.89 284.09 1.60
Q2 2020 304.78 295.59 2.04
Q3 2020 384.57 239.88 1.93
Q4 2020 392.00 228.55 1.54
Q1 2021 348.08 278.34 1.63
Q2 2021 378.14 234.31 2.04
Q3 2021 421.05 231.70 2.24
Q4 2021 442.62 234.47 2.40
Q1 2022 458.20 326.49 3.32
Q2 2022 421.01 288.15 3.31


Financial Ratios
Current
Market Cap (M Riyal) 6,012.00
Enterprise Value (EV) (M) 5,830.39
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 5.24
Book Value (BV) ( Riyal) 17.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.13
P/E (TTM) 19.13
Price/book 5.77
Return on Average Assets (%) (TTM) 18.6
Return on Average Equity (%) (TTM) 31.1
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Share Price

Almunajem Foods Co.
100.20
2.30 2.35 %

Almunajem Foods Co. (ALMUNAJEM)

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