Almunajem Foods profits increase to SAR 61 million during Q3, by 14%

Almunajem Foods Co. revealed an increase in net profit after zakat and tax in the third quarter to SAR 61.1 million, compared to SAR 53.6 million in the same quarter of last year, by 13.9%. This came after the announcement on Sunday of the preliminary (estimated) financial results for the period ending on September 30. 2023 (nine months).
Operational profit reached SAR 66.3 million in the third quarter, compared to SAR 58.6 million in the same quarter of the previous year, an increase of 13%.
Net profit after zakat and tax in the 9-month period amounted to SAR 200.6 million, compared to SAR 273.3 million in the same period last year, a decrease of 26.6%.
Total shareholders’ equity (excluding minority rights) amounted to SAR 966.1 million in the current period, compared to SAR 883 million in the same period last year, an increase of 9.4%.
Earnings per share in the current period reached SAR 3.34, compared to SAR 4.56 in the same period last year.
Net profit of 3rd Quarter 2023 compared to same quarter of last year increased by 14% reaching to SAR 61.1 million due to the following main reasons:
• Increase in revenue by 11% reaching to SAR 810.9 million due to the increase in sales volume across almost all categories.
• Increase in gross profit by 9% reaching to SAR 134.9 million, due to higher sales and improvement in profit margins of Red & White Meat and Olives & Oil categories compared with the same quarter of last year.
Net profit of 3rd Quarter 2023 compared to the previous quarter increased by 6.1% reaching to SAR 61.1 million due to the following main reasons:
• Increase in revenue by 5% reaching to SAR 810.9 million due to the increase in sales volume across almost all categories.
• Decrease in operating expenses by 5.7% mainly due to decrease in selling and distribution expenses.
Operating expenses to revenue decreased from 9.6% to 8.7%
Decrease in net profit for the period compared to the same period of the last year by 26.6% reaching SAR 200.6 million due to the following main reasons:
• Decrease in gross profit by 13.5 % as a result of the decrease in profit margins of most of product categories due to the change in the trading conditions despite of increase in sales volume in all categories during the period compared to the same period of last year.
• Increase in operating expenses during the period by 2.1 %, reaching SAR 218.7 million compared with a similar period last year as a result of higher sales volume being generated. However, operating expenses as a percentage of revenue decreased from 9.6% to 8.8%.
– Additional Information:
These estimated financial results for the period ended 30 September 2023 are prepared by the management of the Company and were not reviewed by the external auditors.