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Almunajem Foods Co. announces its annual Financial Results for the period Ending on 2021-12-31 ( Twelve Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 679.5 | 622.1 | 9.226 | 655 | 3.74 |
| Gross Profit (Loss) | 115.3 | 97.7 | 18.014 | 119.6 | -3.595 |
| Operational Profit (Loss) | 49.1 | 28.4 | 72.887 | 55.4 | -11.371 |
| Net Profit (Loss) after Zakat and Tax | 46 | 27.8 | 65.467 | 52.7 | -12.713 |
| Total Comprehensive Income | 44.2 | 28 | 57.857 | 52.7 | -16.129 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 2,577 | 2,538.5 | 1.516 |
| Gross Profit (Loss) | 441.4 | 487.6 | -9.474 |
| Operational Profit (Loss) | 178.9 | 230.9 | -22.52 |
| Net Profit (Loss) after Zakat and Tax | 166.1 | 229.7 | -27.688 |
| Total Comprehensive Income | 164.3 | 227.4 | -27.748 |
| Total Share Holders Equity (after Deducting Minority Equity) | 804.7 | 640.5 | 25.636 |
| Profit (Loss) per Share | 3.1 | 4.28 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Increase in net profit for the quarter compared to the same quarter of the last year by 65.5% reaching SR 46 million due to the following main reasons: - Increase in revenues by 9.2% to SR 679.5 million. - Increase in gross profit by 18.1% as a result of the improvement in selling prices of some main product categories. - Decrease in selling & distribution expenses during the quarter by 6.8% reaching to SR57.6 million comparing with the last quarter as a result of lower marketing & promotional activities. - Increase in Zakat expense to reach SR3.3 million as result of the increase in Zakat base. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | Decrease in net profit for the quarter compared to the previous period of the current year by 12.7% reaching to SR46 million due to the following main reasons: - Decrease in gross profit by 3.6% reaching to SR 115.3 million, due mainly to the increase in purchase cost of some main product categories comparing with the previous quarter. - Increase in ECL provision to reach SR 1.8 million and the increase in interest on employees’ defined benefit liabilities to reach SR0.9 million, which is booked annually on the 4th quarter. Despite of increase in revenues by 4% |
| 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 year by 27.7% reaching to SR 166.1 million due to the following main reasons: - Decrease in gross profit by 9.5% reaching to SR 441.4 million compared to 2020 which witnessed a concentration of sales in the first half in retail channels, in addition to overall decrease in gross margin after resuming discounts, which were suspended during 2020. - Increase in selling & distribution expenses by 1.7% reaching to SR 232 million due to: - Increase in promotional activities, which were suspended during the pandemic; - Increase in ECL provision and the increase in zakat expense compared to the previous period, due to increase in Zakat base. - One-off other income booked last year amounting to SR 10.3 million related to a lawsuit raised against one of the service providers. %Despite the increase in revenues by 1.5 |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Some comparative figures for the previous year have been reclassified in line with the current year's classification. |
| Additional Information | Earning per share calculated based on the weighted average number of ordinary shares for basic and diluted EPS as at 31 December 2021 are 53,604,247 (31 December 2020: 53,604,247). |
| 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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