Almunajem 9M 2024 net profit rises 9% to SAR 218.3M; Q3 drops to SAR 40.5M

06/11/2024 Argaam Exclusive

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Almunajem Foods Co. reported a net profit of SAR 218.3 million for the first nine months of 2024, a 9% growth from SAR 200.6 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	2,485.23	2,527.90	1.7 %
Gross Income	425.84	445.50	4.6 %
Operating Income	215.70	220.00	2.0 %
Net Income	200.59	218.30	8.8 %
Average Shares	60.00	60.00	-
EPS (Riyals)	3.34	3.64	8.8 %

This was spurred by a 1.7% increase in revenue year-on-year (YoY) on higher sales volumes and a 4.6% rise in gross profit, despite relative growth of 5.1% in operating expenses on higher selling and distribution expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	810.88	798.70	(1.5 %)
Gross Income	134.91	116.60	(13.6 %)
Operating Income	66.30	38.40	(42.1 %)
Net Income	61.14	40.50	(33.8 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	1.02	0.68	(33.8 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	826.29	798.70	(3.3 %)
Gross Income	133.13	116.60	(12.4 %)
Operating Income	63.80	38.40	(39.8 %)
Net Income	63.82	40.50	(36.5 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	1.06	0.68	(36.5 %)

Q3 2024 net profit stood at SAR 40.5 million, a decline of 34% YoY from SAR 61.1 million, due to lower revenue, decreased gross profit and the relative increase in operating expenses.

On a sequential basis, net earnings slumped 36.5% from SAR 63.8 million in Q2 2024.

Total shareholders’ equity (no minority equity) stood at SAR 1.07 billion by Sept. 30, 2024, compared to SAR 966.1 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	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	2,482.24	-	383.93	-	161.99	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	2,497.35	0.6 %	411.87	7.3 %	184.38	13.8 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	2,419.06	(3.1 %)	334.65	(18.7 %)	104.03	(43.6 %)
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	-
2020	2,538.45	4.9 %	487.55	45.7 %	230.88	121.9 %
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 %
2021	2,577.02	1.5 %	441.37	(9.5 %)	178.88	(22.5 %)
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 %)
2022	2,978.52	15.6 %	583.26	32.1 %	302.04	68.9 %
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 %)
Q3 2023	810.88	11.0 %	134.91	9.0 %	66.30	20.0 %
Q4 2023	829.18	10.9 %	156.47	72.0 %	86.50	262.2 %
2023	3,314.40	11.3 %	582.31	(0.2 %)	293.64	(2.8 %)
Q1 2024	902.95	0.1 %	195.76	25.7 %	116.83	42.9 %
Q2 2024	826.29	7.0 %	133.13	(1.5 %)	63.80	5.0 %
Q3 2024	798.70	(1.5 %)	116.60	(13.6 %)	38.40	(42.1 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	2,482.24	-	383.93	-	161.99	-
2018	2,497.35	0.6 %	411.87	7.3 %	184.38	13.8 %
2019	2,419.06	(3.1 %)	334.65	(18.7 %)	104.03	(43.6 %)
2020	2,538.45	4.9 %	487.55	45.7 %	230.88	121.9 %
2021	2,577.02	1.5 %	441.37	(9.5 %)	178.88	(22.5 %)
2022	2,978.52	15.6 %	583.26	32.1 %	302.04	68.9 %
2023	3,314.40	11.3 %	582.31	(0.2 %)	293.64	(2.8 %)

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	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	163.25	-	2.72	-	163.25	2.72
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	149.48	(8.4 %)	2.49	(23.48)	172.96	2.88
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	109.17	(27.0 %)	1.82	12.41	96.76	1.61
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
2020	229.68	110.4 %	3.83	10.25	219.43	3.66
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
2021	166.09	(27.7 %)	2.77	-	166.09	2.77
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
2022	290.20	74.7 %	4.84	2.50	287.70	4.80
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
Q3 2023	61.14	14.0 %	1.02	-	61.14	1.02
Q4 2023	81.62	383.1 %	1.36	-	81.62	1.36
2023	282.21	(2.8 %)	4.70	5.50	276.71	4.61
Q1 2024	114.00	39.2 %	1.90	-	114.00	1.90
Q2 2024	63.82	10.9 %	1.06	4.10	59.72	1.00
Q3 2024	40.50	(33.8 %)	0.68	-	40.50	0.68

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	163.25	-	2.72	-	163.25	2.72
2018	149.48	(8.4 %)	2.49	(23.48)	172.96	2.88
2019	109.17	(27.0 %)	1.82	12.41	96.76	1.61
2020	229.68	110.4 %	3.83	10.25	219.43	3.66
2021	166.09	(27.7 %)	2.77	-	166.09	2.77
2022	290.20	74.7 %	4.84	2.50	287.70	4.80
2023	282.21	(2.8 %)	4.70	5.50	276.71	4.61

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	15.47 %	7.62 %	6.58 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	16.49 %	8.49 %	6.93 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	13.83 %	5.71 %	4.00 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	19.21 %	10.55 %	8.64 %
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 %
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 %
2022	19.58 %	11.45 %	9.66 %
Q1 2023	18.32 %	10.37 %	8.62 %
Q2 2023	16.04 %	8.22 %	6.49 %
Q3 2023	15.99 %	8.34 %	6.56 %
Q4 2023	17.57 %	10.01 %	8.35 %
2023	17.57 %	9.96 %	8.35 %
Q1 2024	18.77 %	11.09 %	9.48 %
Q2 2024	18.41 %	11.01 %	9.39 %
Q3 2024	17.93 %	-	8.81 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	15.47 %	7.62 %	6.58 %
2018	16.49 %	8.49 %	6.93 %
2019	13.83 %	5.71 %	4.00 %
2020	19.21 %	10.55 %	8.64 %
2021	17.13 %	8.34 %	6.45 %
2022	19.58 %	11.45 %	9.66 %
2023	17.57 %	9.96 %	8.35 %

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	20.09 %	12.60 %	11.00 %
Q2 2020	21.06 %	11.76 %	9.86 %
Q3 2020	19.52 %	11.21 %	9.03 %
Q4 2020	16.12 %	6.46 %	4.47 %
Q1 2021	15.51 %	6.73 %	4.69 %
Q2 2021	17.74 %	8.17 %	6.18 %
Q3 2021	18.26 %	9.81 %	8.04 %
Q4 2021	16.97 %	8.57 %	6.77 %
Q1 2022	21.89 %	14.04 %	12.38 %
Q2 2022	27.50 %	18.45 %	16.79 %
Q3 2022	16.95 %	8.91 %	7.34 %
Q4 2022	12.17 %	4.53 %	2.26 %
Q1 2023	17.26 %	10.01 %	8.47 %
Q2 2023	17.51 %	9.07 %	7.45 %
Q3 2023	16.64 %	9.32 %	7.54 %
Q4 2023	18.87 %	11.55 %	9.84 %
Q1 2024	21.68 %	13.98 %	12.63 %
Q2 2024	16.11 %	8.90 %	7.23 %
Q3 2024	14.60 %	-	5.07 %

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	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
Q3 2023	60.00	3.62	3.53	16.10
Q4 2023	60.00	4.70	4.61	15.46
Q1 2024	60.00	5.24	5.24	17.36
Q2 2024	60.00	5.34	5.27	17.17
Q3 2024	60.00	5.00	4.93	17.85

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	60.00	2.72	2.72	8.88
2018	60.00	2.49	2.88	7.97
2019	60.00	1.82	1.61	7.73
2020	60.00	3.83	3.66	10.67
2021	60.00	2.77	2.77	13.41
2022	60.00	4.84	4.80	15.01
2023	60.00	4.70	4.61	15.46

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	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
Q3 2023	19.37	19.87	4.36
Q4 2023	15.67	15.98	4.77
Q1 2024	20.46	20.46	6.18
Q2 2024	19.61	19.87	6.10
Q3 2024	24.00	24.34	6.72

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	20.99	20.99	4.33
2022	12.69	12.80	4.09
2023	15.67	15.98	4.77

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
Q3 2023	484.79	323.02	3.06
Q4 2023	515.97	310.21	3.00
Q1 2024	478.62	421.70	2.63
Q2 2024	507.05	315.91	3.33

Period	Wholesale goods-in-transit& food services	Retail goods-in-transit	Storage rent revenue
2019	1,543.80	867.45	7.81
2020	1,483.24	1,048.11	7.10
2021	1,589.88	978.83	8.31
2022	1,748.94	1,217.54	12.04
2023	1,978.42	1,322.57	13.42

Analysts Estimates (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	67.85	40.50	(40.3 %)

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
Al Rajhi Capital	63.00	40.50	(35.7) %
AlJazira Capital	72.70	40.50	(44.3) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,912.00
Enterprise Value (EV) (M)	6,842.05
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)	23.36
P/E (TTM)	23.04
Price/book	6.45
Return on Average Assets (%) (TTM)	18.9
Return on Average Equity (%) (TTM)	29.4

Company	Estimated	Actual	Change
MIAHONA	10.00	16.72	67.2 %
SAUDI ELECTRICITY	3,580.00	4,688.21	31.0 %
SGS	86.23	81.68	(5.3 %)
ARABIAN DRILLING	96.65	84.81	(12.2 %)
SEERA	50.08	31.00	(38.1 %)
ALMUNAJEM	67.85	40.50	(40.3 %)

Company	Estimated	Actual	Change
MIAHONA	10.00	16.72	67.2 %
SAUDI ELECTRICITY	3,580.00	4,688.21	31.0 %

Company	Estimated	Actual	Change
ALMUNAJEM	67.85	40.50	(40.3 %)
SEERA	50.08	31.00	(38.1 %)
ARABIAN DRILLING	96.65	84.81	(12.2 %)
SGS	86.23	81.68	(5.3 %)

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Almunajem 9M 2024 net profit rises 9% to SAR 218.3M; Q3 drops to SAR 40.5M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Almunajem Foods Co. (ALMUNAJEM)

Quarterly Actuals vs Estimates 06/11/202406/11/2024

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Almunajem 9M 2024 net profit rises 9% to SAR 218.3M; Q3 drops to SAR 40.5M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Almunajem Foods Co. (ALMUNAJEM)

Quarterly Actuals vs Estimates 06/11/202406/11/2024

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Business Segments (Million)