Almunajem Foods 9M 2022 profit rises to SAR 273.3 mln; Q3 at SAR 53.6 mln
06/11/2022
Argaam Exclusive
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Almunajem Foods Co. posted a net profit after Zakat and tax of SAR 273.3 million for the first nine months of 2022, compared with SAR 120.1 million a year earlier.
The profit growth was due to higher revenues and gross profit, despite an increase in total operating costs and Zakat expense.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 1,897.53 | 2,230.68 | 17.6 % |
| Gross Income | 326.04 | 492.27 | 51.0 % |
| Operating Income | 129.76 | 278.16 | 114.4 % |
| Net Income | 120.11 | 273.30 | 127.5 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 2.00 | 4.56 | 127.5 % |
Meanwhile, the firm reported a rise of 2% in Q3 2022 net profit to SAR 53.6 million, compared with SAR 52.6 million in Q3 2021, boosted by strong revenues.
On a sequential basis, Q3 2022 net profit dropped 56.1% from SAR 122.12 million.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 654.99 | 730.20 | 11.5 % |
| Gross Income | 119.60 | 123.78 | 3.5 % |
| Operating Income | 55.44 | 55.23 | (0.4 %) |
| Net Income | 52.66 | 53.62 | 1.8 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.88 | 0.89 | 1.8 % |
Total shareholders' equity, after minority interest, reached SAR 883 million at the end of 9M 2022, compared with SAR 760.6 million in year-earlier period.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 788.01 | 25.5 % | 172.53 | 77.1 % | 101.18 | 204.7 % |
| Q2 2022 | 712.48 | 15.9 % | 195.96 | 79.8 % | 121.75 | 196.2 % |
| Q3 2022 | 730.20 | 11.5 % | 123.78 | 3.5 % | 55.23 | (0.4 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 97.56 | 231.1 % | 1.63 | - | 97.56 | 1.63 |
| Q2 2022 | 122.12 | 221.5 % | 2.04 | 2.50 | 119.62 | 1.99 |
| Q3 2022 | 53.62 | 1.8 % | 0.89 | - | 53.62 | 0.89 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 18.87 % | 10.35 % | 8.56 % |
| Q2 2022 | 21.28 % | 12.86 % | 11.14 % |
| Q3 2022 | 20.88 % | 12.56 % | 10.89 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 60.00 | 3.90 | 3.90 | 15.04 |
| Q2 2022 | 60.00 | 5.31 | 5.26 | 15.07 |
| Q3 2022 | 60.00 | 5.32 | 5.28 | 14.72 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 15.63 | 15.63 | 4.06 |
| Q2 2022 | 11.10 | 11.19 | 3.91 |
| Q3 2022 | 12.97 | 13.07 | 4.69 |
Business Segments (Million)
Q3 2022
| Period | Wholesale goods-in-transit& food services | Retail goods-in-transit | Storage rent revenue |
|---|---|---|---|
| Q1 2022 | 458.20 | 326.49 | 3.32 |
| Q2 2022 | 421.01 | 288.15 | 3.31 |
| Q3 2022 | 427.49 | 299.79 | 2.92 |
| Current | |
| Market Cap (M Riyal) | 5,790.00 |
| Enterprise Value (EV) (M) | 5,813.52 |
| 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) | 19.30 |
| P/E (TTM) | 19.30 |
| Price/book | 5.41 |
| Return on Average Assets (%) (TTM) | 18.4 |
| Return on Average Equity (%) (TTM) | 29.5 |
Share Price
Almunajem Foods Co. (ALMUNAJEM)
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