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Almunajem Foods Co. announces its annual financial results for the Period ended on 2024-12-31 ( Twelve Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 819.1 | 829.2 | -1.218 | 798.7 | 2.554 |
| Gross Profit (Loss) | 120.9 | 156.5 | -22.747 | 116.6 | 3.687 |
| Operational Profit (Loss) | 58 | 86 | -32.558 | 38.4 | 51.041 |
| Net profit (Loss) | 60.3 | 81.6 | -26.102 | 40.5 | 48.888 |
| Total Comprehensive Income | 59.1 | 81.4 | -27.395 | 40.5 | 45.925 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 3,347 | 3,314.4 | 0.983 |
| Gross Profit (Loss) | 566.4 | 582.3 | -2.73 |
| Operational Profit (Loss) | 278 | 301.6 | -7.824 |
| Net profit (Loss) | 278.7 | 282.2 | -1.24 |
| Total Comprehensive Income | 277.4 | 282 | -1.631 |
| Total Shareholders Equity (after Deducting Minority Equity) | 1,010 | 927.5 | 8.894 |
| Profit (Loss) per Share | 4.64 | 4.7 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| 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 | Revenue of the 4th Quarter 2024 decreased by 1.2% reaching SR 819.1 million compared to same quarter of last year. This is mainly driven by a decrease in sales volume in Red & White Meat and fruits & vegetables. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Decrease in net profit for the 4th quarter of 2024 by 26.1% compared to the same quarter of last year reaching SR 60.3 million due to the following main reasons: - Decrease in gross profit by 22.7% reaching SR 120.9 million, as a result of decrease in sales volumes in Red & White Meat and fruits & vegetables categories, in addition to decrease in profit margin for Red & White Meat category due to price pressures in the market in addition to higher cost prices. - A slight increase in operating expenses during 4th quarter 2024 due to the increase in employee costs driven by establishing a new subsidiary dedicated to providing integrated logistics services under the name (The Optimal Solution for Logistics Services) “LoadLY”. The Company recorded its share of the results of associate (Balady Poultry Company) amounting to SR 7.3 million during the 4th Quarter 2024 vs. (Nil) in the similar quarter last year 2023 |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenue of 4th Quarter 2024 increased by 2.5% reaching SR 819.1 million compared to 3rd Quarter 2024. This is driven by an increase in sales volumes of all categories due to seasonal consumption patterns. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Increase in net profit for the 4th Quarter of 2024 compared to the 3rd Quarter 2024 by 48.9% reaching to SR 60.3 million due to the following main reasons: - The increase in gross profit by 3.7% reaching SR 120.9 million, as a result of an increase in sales volumes and gross profit margins of all categories except Fruits & Vegetables. - Decrease in operating expenses in 4th Q 2024 compared to previous quarter due to decrease in selling and distribution expenses. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The increase in revenues by 1% for the current year 2024 compared with the similar period of last year 2023 is due to: - Improved trade conditions in some categories and increase in sales volumes in most of the categories except red & white meat. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit during the current year of 2024 decreased by 1.3 % to reach SR 278.7 compared to the similar period last year due to the following main factors: - Decrease in gross profit margins by 2.7 % is driven by decrease in sales volume of mainly Red & White Meat category. In addition to lower gross profit margins in some categories mainly red & white meat category due to pricing pressures in market. - Slight increase in operating expenses during the current year 2024 compared with the similar period of last year 2023 as a result of increase in staff cost and logistic expenses. The company recorded its share in the results of the associate (Balady Poultry Company) by SR 22.1 million during the current year 2024, compared to (Nil) during 2023 |
| 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) | N/A |
| Reclassification of Comparison Items | N/A |
| Additional Information | - |
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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