Alamar Foods Co. reported a net profit of SAR 56.6 million in 2023, down 51% from SAR 115.3 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,075.89 | 991.66 | (7.8 %) |
| Gross Income | 362.35 | 293.00 | (19.1 %) |
| Operating Income | 135.64 | 73.88 | (45.5 %) |
| Net Income | 115.56 | 57.98 | (49.8 %) |
| Average Shares | 25.50 | 25.50 | - |
| EPS (Riyals) | 4.53 | 2.27 | (49.8 %) |
The growth rate of total sales, based on current foreign exchange rates, declined 7.8% year-on-year (YoY). Sales performance was affected by the currency devaluation in Egypt and Lebanon, which affected the sales value by SAR 77 million. In addition, the absence of sales from Expo Dubai weighed down the sales value by SAR 9 million, along with the adverse effects on the business in Q4 due to the recent regional geopolitical tensions.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 273.14 | 225.66 | (17.4 %) |
| Gross Income | 90.74 | 65.15 | (28.2 %) |
| Operating Income | 32.05 | 10.89 | (66.0 %) |
| Net Income | 29.54 | 6.06 | (79.5 %) |
| Average Shares | 25.50 | 25.50 | - |
| EPS (Riyals) | 1.16 | 0.24 | (79.5 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 263.58 | 225.66 | (14.4 %) |
| Gross Income | 79.68 | 65.15 | (18.2 %) |
| Operating Income | 22.80 | 10.89 | (52.2 %) |
| Net Income | 20.06 | 6.06 | (69.8 %) |
| Average Shares | 25.50 | 25.50 | - |
| EPS (Riyals) | 0.79 | 0.24 | (69.8 %) |
Total shareholders’ equity, after minority interest, stood at SAR 321 million by Dec. 31, 2023, compared to SAR 334 million a year ago.
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