Almunajem Foods H1 2023 net earnings down 37% to SAR 139.4 mln; Q2 at SAR 57.6 mln

Almunajem Foods H1 2023 net earnings down 37% to SAR 139.4 mln; Q2 at SAR 57.6 mln

18/07/2023 Argaam Exclusive

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Almunajem Foods Co. reported net earnings of SAR 139.4 million in H1 2023, a 37% drop from SAR 219.7 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 1,500.48 1,674.35 11.6 %
Gross Income 368.49 290.93 (21.0 %)
Operating Income 222.93 142.48 (36.1 %)
Net Income 219.68 139.45 (36.5 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 3.66 2.32 (36.5 %)

This was driven by lower gross profit and decreased profit margins of most product segments despite higher sales volumes. The company also cited a 2% YoY hike in operating expenses (OpEx) to SAR 148.5 million by the end of the six-month period. However, the OpEx-to-revenue ratio retreated from 9.7% in H1 2022 to 8.9% in H1 2023.

 

Q2 2023 net profit reached SAR 57.60 million, a decline of 52.8% from SAR 122.12 million a year earlier, due to a 31% YoY plunge in gross profit to SAR 135.20 million. This was as a result of reduced profit margins of red and white meat, frozen fruits, vegetables, and dairy segments.

 

On a quarterly basis, Q2 net earnings fell 29.7% from SAR 81.88 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 712.48 772.39 8.4 %
Gross Income 195.96 135.22 (31.0 %)
Operating Income 121.75 60.74 (50.1 %)
Net Income 122.12 57.56 (52.9 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 2.04 0.96 (52.9 %)

Shareholders’ equity, no minority interest, stood at SAR 980 million as of June 30, 2023, compared to SAR 904.4 million in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 - 77.63 -
Q2 2020 602.41 - 126.89 - 61.62 -
Q3 2020 626.38 - 122.27 - 60.68 -
Q4 2020 622.09 - 100.28 - 30.96 -
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 %)
Q4 2021 679.50 9.2 % 115.34 15.0 % 49.12 58.6 %
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 %)
Q4 2022 747.84 10.1 % 90.99 (21.1 %) 23.88 (51.4 %)
Q1 2023 901.96 14.5 % 155.71 (9.7 %) 81.73 (19.2 %)
Q2 2023 772.39 8.4 % 135.22 (31.0 %) 60.74 (50.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 75.67 - 1.26 - 75.67 1.26
Q2 2020 59.42 - 0.99 - 59.42 0.99
Q3 2020 66.80 - 1.11 10.25 56.55 0.94
Q4 2020 27.79 - 0.46 - 27.79 0.46
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
Q4 2021 45.98 65.5 % 0.77 - 45.98 0.77
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
Q4 2022 16.90 (63.2 %) 0.28 - 16.90 0.28
Q1 2023 81.88 (16.1 %) 1.36 5.50 76.38 1.27
Q2 2023 57.56 (52.9 %) 0.96 - 57.56 0.96

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 % 11.14 %
Q3 2022 20.88 % 12.56 % 10.89 %
Q4 2022 19.58 % 11.45 % 9.66 %
Q1 2023 18.32 % 10.37 % 8.62 %
Q2 2023 16.04 % 8.22 % 6.49 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 5.26 15.07
Q3 2022 60.00 5.32 5.28 14.72
Q4 2022 60.00 4.84 4.80 15.01
Q1 2023 60.00 4.58 4.44 16.37
Q2 2023 60.00 3.50 3.41 16.33

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 11.19 3.91
Q3 2022 12.97 13.07 4.69
Q4 2022 12.69 12.80 4.09
Q1 2023 12.72 13.10 3.55
Q2 2023 18.72 19.22 4.01

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
Q3 2022 427.49 299.79 2.92
Q4 2022 442.14 303.20 2.50
Q1 2023 485.63 412.86 3.48
Q2 2023 492.04 276.47 3.88


Financial Ratios
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
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Share Price

Almunajem Foods Co.
96.50
(0.20) (0.21 %)

Almunajem Foods Co. (ALMUNAJEM)

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