Almunajem Foods Co. posted a net profit after Zakat and tax of SAR 273.3 million for the first nine months of 2022, compared with SAR 120.1 million a year earlier.
The profit growth was due to higher revenues and gross profit, despite an increase in total operating costs and Zakat expense.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 1,897.53 | 2,230.68 | 17.6 % |
| Gross Income | 326.04 | 492.27 | 51.0 % |
| Operating Income | 129.76 | 278.16 | 114.4 % |
| Net Income | 120.11 | 273.30 | 127.5 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 2.00 | 4.56 | 127.5 % |
Meanwhile, the firm reported a rise of 2% in Q3 2022 net profit to SAR 53.6 million, compared with SAR 52.6 million in Q3 2021, boosted by strong revenues.
On a sequential basis, Q3 2022 net profit dropped 56.1% from SAR 122.12 million.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 654.99 | 730.20 | 11.5 % |
| Gross Income | 119.60 | 123.78 | 3.5 % |
| Operating Income | 55.44 | 55.23 | (0.4 %) |
| Net Income | 52.66 | 53.62 | 1.8 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.88 | 0.89 | 1.8 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 712.48 | 730.20 | 2.5 % |
| Gross Income | 195.96 | 123.78 | (36.8 %) |
| Operating Income | 121.75 | 55.23 | (54.6 %) |
| Net Income | 122.12 | 53.62 | (56.1 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 2.04 | 0.89 | (56.1 %) |
Total shareholders' equity, after minority interest, reached SAR 883 million at the end of 9M 2022, compared with SAR 760.6 million in year-earlier period.
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