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Alamar Foods Co. announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )
6014
ALAMAR
0.91
%
1446/05/03 05/11/2024 08:06:02
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 229,017,268 | 263,582,064 | -13.113 | 226,449,709 | 1.133 |
| Gross Profit (Loss) | 66,563,195 | 79,677,492 | -16.459 | 68,844,681 | -3.313 |
| Operational Profit (Loss) | 22,005,376 | 25,755,654 | -14.56 | 18,857,301 | 16.694 |
| Net profit (Loss) | 19,154,769 | 20,401,510 | -6.111 | 12,888,599 | 48.617 |
| Total Comprehensive Income | 19,849,237 | 19,707,885 | 0.717 | 12,089,527 | 64.185 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 662,320,437 | 765,992,794 | -13.534 |
| Gross Profit (Loss) | 186,057,498 | 227,853,898 | -18.343 |
| Operational Profit (Loss) | 28,706,375 | 68,602,736 | -58.155 |
| Net profit (Loss) | 14,335,302 | 51,477,793 | -72.152 |
| Total Comprehensive Income | 2,911,283 | 46,636,670 | -93.757 |
| Total Shareholders Equity (after Deducting Minority Equity) | 289,403,998 | 330,410,826 | -12.41 |
| Profit (Loss) per Share | 0.66 | 2.06 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Actual) 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 | Sales decreased due to the impact of the regional geopolitical situation and currency devaluation in Egypt, that was partially offset by our targeted marketing initiatives and enhancements to customer experience. |
| 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 slightly decreased due to sales performance being impacted by the ongoing geopolitical situation in the region, and the impact from the currency devaluation in Egypt. Our marketing and cost optimization initiatives, along with a shift toward more variable costs and fewer fixed costs, are delivering improvements in margins and profitability. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Sales registered a positive growth primarily driven by the relative recovery in some of the region's markets, supported by the positive effect from marketing initiatives and continued service improvement. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net profit significantly increased by operational efficiency improvements and management's actions aimed at creating a more agile cost structure and better balance between variable and fixed costs, with continued focus on operational excellence and service improvement, as well as the contribution from non-recurring items. This quarter sales increased by 1.1% while operating profit increased by 16.7%. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Sales decreased due to the impact of the regional geopolitical situation and currency devaluation in Egypt, that was partially offset by our targeted marketing initiatives and enhancements to customer experience, resulting in the gradual recovery quarter over 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 | Net profit decreased due to sales performance being impacted by the ongoing geopolitical situation in the region and the impact from the currency devaluation in Egypt, in addition to the non-recurring costs recorded in the first quarter of 2024 amounting to SAR 11 million. The Company turned into positive net profit year-to-date due to the previously mentioned initiatives. |
| 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 | Alamar maintains a robust balance sheet with a strong net cash position, supported by net cash generation from operating activities amounting to SAR 75 million in the first nine months of 2024. Over the last twelve months, Alamar opened 13 new corporate stores on a net basis with its corporate store count reaching 526 stores by end of the third quarter of year 2024. |
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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