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Almunajem Foods Company announces the Estimated Financial Results for the Period Ended on 30-06-2023

4162
ALMUNAJEM
-1.33 %
1444/12/30     18/07/2023 09:06:12

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 772.4712.58.41902-14.37
Gross Profit (Loss) 135.2196-31.02155.7-13.17
Operational Profit (Loss) 60.9127.7-52.3188.5-31.19
Net Profit (Loss) after Zakat and Tax 57.6122.1-52.8381.9-29.67
Total Comprehensive Income 57.6122.1-52.8381.9-29.67
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 1,674.41,500.511.59
Gross Profit (Loss) 290.9368.5-21.06
Operational Profit (Loss) 149.4230.8-35.27
Net Profit (Loss) after Zakat and Tax 139.4219.7-36.55
Total Comprehensive Income 139.4219.7-36.55
Total Share Holders Equity (after Deducting Minority Equity) 980904.48.36
Profit (Loss) per Share 2.323.66
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net profit of 2nd Quarter 2023 decreased by 52.9%% comparing to the same quarter of the last year reaching to SR 57.6 million due to the following main reasons:

• Decrease in gross profit by 31% reaching to SR 135.2 million, due to the decrease in profit margins of red & white meat, frozen fruits & vegetables and dairy categories compared with the same quarter of the last year, due the change of commercial factors.

Despite of:

- The increase in revenue by 8.4% reaching to SR 772 million as a result of the increase in sales volume.

- Operating expenses decreased as percentage of revenue from 10.4% (Q2 2022) to 9.6% (Q2 2023).

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is Net profit of 2nd Quarter 2023 decreased by 29.7% comparing to the previous quarter reaching to SR 57.6 million due to the following main reasons:

• Decrease in revenue by 14.4% reaching to SR 772M due to the decrease in sales volume across most of the categories due to coincidence of the previous quarter with the Ramadan season.

• Decrease in gross profit by 13.2% reaching to SR 135.2 million, due to the decrease in sales and because of the change in sales mix as compared to the previous quarter.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Decrease in net profit for the period as compared to the same period of the last year by 36.5% reaching to SR 139.4 million due to the following main reasons:

• Decrease in gross profit by 21 % as a result of the decrease in profit margin of most of product categories despite of the increase in sales volume in all categories during the period compared to the same period of the last year.

• increase in operating expenses during the period by 2 % reaching to SR 148.5 million as compared with the similar period last year as a result of higher sales being generated. However, operating expenses decreased as a percentage of revenue from 9.7% to 8.9%.

Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion These estimated financial results for the period ended 30 Jun 2023 are prepared by the management of the Company and were not reviewed by the external auditors
Reclassification of Comparison Items Some comparative figures for the previous periods have been reclassified in line with the current period's classification.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Key Parameters
Last Price 104.0
Net Change -1.4 (-1.33%)
Value Traded (Sar) 22,752,174.6
Volume Traded 217,883
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