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Tanmiah Food Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 581.4 | 484.5 | 19.999 | 576.2 | 0.902 |
| Gross Profit (Loss) | 144.5 | 120 | 20.416 | 151.5 | -4.62 |
| Operational Profit (Loss) | 39.5 | 36.4 | 8.516 | 46.7 | -15.417 |
| Net profit (Loss) | 21 | 21 | - | 26.4 | -20.454 |
| Total Comprehensive Income | 21 | 21 | - | 24.6 | -14.634 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 639.8 | 635.4 | 0.692 |
| Profit (Loss) per Share | 1.05 | 1.05 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Tanmiah reported an improvement in revenue of 20% to SAR 581.4 million in 1Q2024, due to the enhanced performance across all segments. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Gross Profit increased 20.42%in 1Q2024, to SAR 144.5 million, in line with the improvement in revenues, and outweighed the increase in Cost of Sales. Operating profit grew 8.52%to SAR 39.5 million, despite the 25.8% rise in SG&A expenses during the period. The company recorded net profit attributable to owners of the company of SAR 21.0 million, unchanged when compared to the same quarter last year, but it is worth mentioning that net profit for 1Q2023 included a one-off subsidy amounting to SAR 15.29 million. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenues increased 1% in 1Q2024 to SAR 581.4 million, when compared to 4Q2023, due to a marginal rise in volumes. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Selling, General, and Administrative Expenses (SG&A) increased marginally by 0.4% to SAR 107.7 million, in line with sales volumes. Net profit attributable to owners of the company declined 20.5% to SAR 21.0 million, compared to SAR 26.4 million in 4Q2023, primarily due to lower subsidy payout and increase in diesel rates in the Kingdom. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | None |
| Additional Information | Tanmiah reported 1Q2024 revenues of SAR 581.4 million, up 20% year-on-year (“YoY”) from SAR 484.5 million. This was essentially due to the improvement in sales across the entire portfolio of products and services, particularly the fresh poultry segment. Fresh Poultry sales, the largest contributor to the Company’s revenues (83%), increased 18.3% YoY to SAR 480.4 million in 1Q2024. The segment’s positive performance was supported by Tanmiah’s expansion of production capacity, wider geographic expansion, focused marketing and enhanced channel coverage. Feed and animal health revenues grew 17.7% YoY to SAR 72.5 million in 1Q2024, as a result of an increase in demand for animal health products and equipment. Food franchise operator revenues amounted to SAR 28.5 million for 1Q2024 (compared to SAR 17.0 million in 1Q2023). During the first quarter, Tanmiah opened 2 new POPEYES® stores, with 54 outlets now operating across the Kingdom. The Company’s fast food franchise operations have continued their solid growth trajectory ever since the launch of POPEYES® in 2021, and Tanmiah is on track to expand its store network across the Kingdom. |
| Attached Documents |  |
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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