Almunajem profits jump 221% to SR122 mln in Q2‎

The net profit after zakat and tax for Almunajem Foods Co. jumped to 122 million riyals during the second quarter, compared to 38 million riyals during the same quarter of the previous year, at a rate of 221%.

This came after today’s announcement of the financial results for the period ending on 30-06-2022 “6 months”.

The operational profit amounted to 129 million riyals during the second quarter, compared to 43 million riyals during the same quarter of the previous year, a growth of 201%.

The gross profit amounted to 197 million riyals during the second quarter, compared to 109 million riyals during the same quarter of the previous year, an increase of 81%.

The net profit after zakat and tax during the current period amounted to 220 million riyals, compared to 68 million riyals during the same period of the previous year, down 225%.

The profits per share during the current period amounted to 3.66 riyals, compared to 1.12 riyals during the same period of the previous year.

Increase in net profit for the quarter compared to the same quarter of the last year by 221.5% reaching SR 122.1 million due to the following main reasons:

– Increase in revenues by 16% to SR 712.5 million.

– Increase in gross profit by 80.9 % 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 55.5% reaching to SR 6 million as result of the increase in Zakat base.

Increase in net profit for the quarter compared to the previous period of the current year by 25.2% reaching to SR 122.1 million due to the following main reasons:

– Increase in gross profit by 13.8% reaching to SR 197.2 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 9.6% due to the Ramadan season coinciding with the previous quarter

– The increase in total operating expenses by 4.6% reaching to SR 75.4 million as a result of increasing employee cost by 10.6% reaching SR 36.9 million.

Increase in net profit for the quarter compared to the same quarter of the last year by 225.7% reaching SR 219.7 million due to the following main reasons:

– Increase in revenues by 20.8 % to SR 1500.8 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 52.4% reaching to SR 11.3 million as result of the increase in Zakat base.