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Almunajem Foods Co. announces its Interim Financial (Estimated) Results for the Period Ending on 30-06-2022 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 712.9614.516.01788-9.53
Gross Profit (Loss) 197.110980.83173.313.73
Operational Profit (Loss) 121.741.1196.11101.220.26
Net Profit (Loss) after Zakat and Tax 122.138221.3197.625.1
Total Comprehensive Income 122.138221.3197.625.1
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 1,500.91,242.520.8
Gross Profit (Loss) 370.3206.479.41
Operational Profit (Loss) 222.974.3200
Net Profit (Loss) after Zakat and Tax 219.667.5225.33
Total Comprehensive Income 219.667.5225.33
Total Share Holders Equity (after Deducting Minority Equity) 904.4707.927.76
Profit (Loss) per Share 3.661.12
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 Increase in net profit for the quarter compared to the same quarter of the last year by 221.3% reaching SR 122.1 million due to the following main reasons:

- Increase in revenues by 16% to SR 712.9 million.

- Increase in gross profit by 80.8 % as a result of the improvement in profit margin of most of product categories due to improvement in trade conditions during the period.

Despite of :

- increase in operating expenses during the quarter by 11 % reaching to SR75.4 million comparing with the last quarter as a result of higher marketing & promotional activities.

- Increase in Zakat expense to 55.2% reaching to SR 6 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 Increase in net profit for the quarter compared to the previous period of the current year by 25.1% reaching to SR 122.1 million due to the following main reasons:

- Increase in gross profit by 13.7% reaching to SR 197.1 million, as a result of the improvement in profit margins of Red & white meat categories due to improvement in trade conditions,

comparing with the previous quarter.

Despite of :

- Decrease in revenues by 9.5% due to the Ramadan season coinciding with the previous quarter

- The increase in total operating expenses by 4.5% reaching to SR 75.4 million as a result of increasing employee cost by 10.6% reaching SR 36.9 million.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Increase in net profit for the quarter compared to the same quarter of the last year by 225.6% reaching SR 219.6 million due to the following main reasons:

- Increase in revenues by 20.8 % to SR 1500.9 million.

- Increase in gross profit by 79.4 % as a result of the improvement in profit margin of most of product categories due to improvement in trade conditions during the period.

Despite of :

- Increase in operating expenses during the quarter by 11.6 % reaching to SR 147.5 million comparing with similar period last year as a result of higher marketing & promotional activities and employee cost.

- Increase in Zakat expense to 52.3% reaching to SR 11.3 million as result of the increase in Zakat base.

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 2022 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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