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.
| 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.
| 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 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 901.96 | 772.39 | (14.4 %) |
| Gross Income | 155.71 | 135.22 | (13.2 %) |
| Operating Income | 88.50 | 60.74 | (31.4 %) |
| Net Income | 81.88 | 57.56 | (29.7 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 1.36 | 0.96 | (29.7 %) |
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.
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2014 | - | - | - | - | - | - | - |
| Q2 2014 | - | - | - | - | - | - | - |
| Q3 2014 | - | - | - | - | - | - | - |
| Q4 2014 | - | - | - | - | - | - | - |
| 2014 | - | - | - | - | - | - | - |
| 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 | - | 163.25 | - | 2.72 |
| Q1 2018 | - | - | - | - | - | - | - |
| Q2 2018 | - | - | - | - | - | - | - |
| Q3 2018 | - | - | - | - | - | - | - |
| Q4 2018 | - | - | - | - | - | - | - |
| 2018 | 2,497.35 | 0.6 % | 411.87 | 7.3 % | 149.48 | (8.4 %) | 2.49 |
| Q1 2019 | - | - | - | - | - | - | - |
| Q2 2019 | - | - | - | - | - | - | - |
| Q3 2019 | - | - | - | - | - | - | - |
| Q4 2019 | - | - | - | - | - | - | - |
| 2019 | 2,419.06 | (3.1 %) | 334.65 | (18.7 %) | 109.17 | (27.0 %) | 1.82 |
| 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 |
| 2020 | 2,538.45 | 4.9 % | 487.55 | 45.7 % | 229.68 | 110.4 % | 3.83 |
| 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 |
| 2021 | 2,577.02 | 1.5 % | 441.37 | (9.5 %) | 166.09 | (27.7 %) | 2.77 |
| 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 |
| Q3 2022 | 730.20 | 11.5 % | 123.78 | 3.5 % | 53.62 | 1.8 % | 0.89 |
| Q4 2022 | 747.84 | 10.1 % | 90.99 | (21.1 %) | 16.90 | (63.2 %) | 0.28 |
| 2022 | 2,978.52 | 15.6 % | 583.26 | 32.1 % | 290.20 | 74.7 % | 4.84 |
| Q1 2023 | 901.96 | 14.5 % | 155.71 | (9.7 %) | 81.88 | (16.1 %) | 1.36 |
| Q2 2023 | 772.39 | 8.4 % | 135.22 | (31.0 %) | 57.56 | (52.9 %) | 0.96 |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 2013 | - | - | - | - | - | - | - |
| 2014 | - | - | - | - | - | - | - |
| 2015 | - | - | - | - | - | - | - |
| 2016 | - | - | - | - | - | - | - |
| 2017 | 2,482.24 | - | 383.93 | - | 163.25 | - | 2.72 |
| 2018 | 2,497.35 | 0.6 % | 411.87 | 7.3 % | 149.48 | (8.4 %) | 2.49 |
| 2019 | 2,419.06 | (3.1 %) | 334.65 | (18.7 %) | 109.17 | (27.0 %) | 1.82 |
| 2020 | 2,538.45 | 4.9 % | 487.55 | 45.7 % | 229.68 | 110.4 % | 3.83 |
| 2021 | 2,577.02 | 1.5 % | 441.37 | (9.5 %) | 166.09 | (27.7 %) | 2.77 |
| 2022 | 2,978.52 | 15.6 % | 583.26 | 32.1 % | 290.20 | 74.7 % | 4.84 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2014 | - | - | - |
| Q2 2014 | - | - | - |
| Q3 2014 | - | - | - |
| Q4 2014 | - | - | - |
| 2014 | - | - | - |
| 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 % | 11.23 % |
| Q3 2022 | 20.88 % | 12.56 % | 10.97 % |
| Q4 2022 | 19.58 % | 11.45 % | 9.74 % |
| 2022 | 19.58 % | 11.45 % | 9.74 % |
| Q1 2023 | 18.32 % | 10.59 % | 8.70 % |
| Q2 2023 | 16.04 % | 8.44 % | 6.49 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 2013 | - | - | - |
| 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 % | 9.74 % |
| 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 | 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 % | 17.14 % |
| Q3 2022 | 16.95 % | 8.91 % | 7.34 % |
| Q4 2022 | 12.17 % | 4.53 % | 2.26 % |
| Q1 2023 | 17.26 % | 10.76 % | 8.47 % |
| Q2 2023 | 17.51 % | 9.07 % | 7.45 % |
| 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 | 5.31 | 15.07 |
| Q3 2022 | 60.00 | 5.32 | 5.32 | 14.72 |
| Q4 2022 | 60.00 | 4.84 | 4.84 | 15.01 |
| Q1 2023 | 60.00 | 4.58 | 4.48 | 16.37 |
| Q2 2023 | 60.00 | 3.50 | 3.41 | 16.33 |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 2013 | - | - | - | - |
| 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 | 4.84 | 15.01 |
| 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 | 11.10 | 3.91 |
| Q3 2022 | 12.97 | 12.97 | 4.69 |
| Q4 2022 | 12.69 | 12.69 | 4.09 |
| Q1 2023 | 12.72 | 12.98 | 3.55 |
| Q2 2023 | 18.72 | 19.22 | 4.01 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 2013 | - | - | - |
| 2014 | - | - | - |
| 2015 | - | - | - |
| 2016 | - | - | - |
| 2017 | - | - | - |
| 2018 | - | - | - |
| 2019 | - | - | - |
| 2020 | - | - | - |
| 2021 | 20.99 | 20.99 | 4.33 |
| 2022 | 12.69 | 12.69 | 4.09 |
Q2 2023
2023
| 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 |
| 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 |
| Current | |
| Market Cap (M Riyal) | 6,600.00 |
| Enterprise Value (EV) (M) | 6,351.07 |
| 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) | 21.00 |
| P/E (TTM) | 21.00 |
| Price/book | 6.34 |
| Return on Average Assets (%) (TTM) | 19.6 |
| Return on Average Equity (%) (TTM) | 31.1 |
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