Tanmiah Food Co. reported a net profit after Zakat and tax of SAR 1.5 million for Q1 2022, a slump of 92% from SAR 18.8 million in the year-earlier period, as gross profit remained under pressure due to higher commodity prices and lower recovery of subsidies.
Meanwhile, cost of sales increased by 23.4% year-on-year (YoY) and selling, general and administrative expenses (SG&A) rose by 34.3% YoY.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 368.34 | 340.62 | (7.5 %) |
| Gross Income | 89.32 | 70.43 | (21.2 %) |
| Operating Income | 26.12 | (2.28) | (108.7 %) |
| Net Income | 18.79 | 1.54 | (91.8 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.94 | 0.08 | (91.8 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 414.53 | 340.62 | (17.8 %) |
| Gross Income | 74.05 | 70.43 | (4.9 %) |
| Operating Income | (1.37) | (2.28) | (66.4 %) |
| Net Income | (12.36) | 1.54 | 112.5 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | (0.62) | 0.08 | 112.5 % |
Compare to Q4 2021, the company swung to net profit from a loss of SAR 12.36 million.
Shareholders’ equity, excluding minority rights, dipped to SAR 357.74 million in Q1 2022, from SAR 366.33 million a year earlier.
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