Alamar’s profit dips to SAR 17M in 9M 2024; Q3 at SAR 20M

05/11/2024 Argaam Exclusive

Alamar Foods Co. reported a net profit drop to SAR 17 million in the first nine months of 2024, from SAR 52 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 765.99 662.32 (13.5 %)
Gross Income 227.85 186.06 (18.3 %)
Operating Income 68.60 28.71 (58.2 %)
Net Income 51.92 16.60 (68.0 %)
Average Shares 25.50 25.50 -
EPS (Riyals) 2.04 0.65 (68.0 %)

The company ascribed the lower profit to a drop in sales amid the ongoing geopolitical tensions in the region, in addition to the impact of currency devaluation in Egypt.

 

On the other hand, Alamar said that its marketing initiatives and continuous effort to improve customer experience had partially mitigated this impact, maintaining its recovery from one quarter to the another.

 

Alamar also cited the one-time expenses of SAR 11 million recorded in the first quarter of 2024. The company has returned to profitability due to the above-mentioned initiatives.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 263.58 229.02 (13.1 %)
Gross Income 79.68 66.56 (16.5 %)
Operating Income 25.76 22.01 (14.6 %)
Net Income 20.06 20.20 0.7 %
Average Shares 25.50 25.50 -
EPS (Riyals) 0.79 0.79 0.7 %

In Q3 2024, Alamar’s net profit declined marginally by 0.3% to SAR 20 million, from SAR 20.06 million in Q3 2023 as sales decreased due to the ongoing geopolitical tensions in the region, and currency devaluation in Egypt.

 

Net earnings, however, jumped 62.4% from SAR 12.3 million in the previous quarter, thanks to the positive growth in sales on a relative recovery in some regional markets, driven by the positive impact of the company’s marketing initiatives and endeavors to develop service.

 

Total shareholders’ equity, after minority interest, decreased to SAR 293 million as of Sept. 30, 2024, from SAR 332 million a year earlier.

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Share Price

Alamar Foods Co.
79.60
(1.20) (1.49 %)

Alamar Foods Co. (ALAMAR)

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Financial Ratios
Current
Market Cap (M Riyal) 2,029.80
Enterprise Value (EV) (M) 1,907.40
Shares Outstanding ((M)) 25.50
EPS ( Riyal) (TTM) 0.86
Book Value (BV) ( Riyal) 11.48
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 6.94
Return on Average Assets (%) (TTM) 3.1
Return on Average Equity (%) (TTM) 7.0
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 167.21 - 45.85 - 5.77 -
Q2 2020 112.93 - 22.29 - (8.05) -
Q3 2020 205.22 - 82.31 - 43.27 -
Q4 2020 210.08 - 80.31 - 24.12 -
Q1 2021 204.15 22.1 % 76.93 67.8 % 35.62 517.7 %
Q2 2021 197.51 74.9 % 65.42 193.5 % 26.31 426.7 %
Q3 2021 220.80 7.6 % 75.45 (8.3 %) 29.92 (30.9 %)
Q4 2021 245.69 16.9 % 89.30 11.2 % 34.67 43.8 %
Q1 2022 270.97 32.7 % 98.88 28.5 % 45.26 27.0 %
Q2 2022 255.98 29.6 % 85.36 30.5 % 27.00 2.6 %
Q3 2022 275.80 24.9 % 87.38 15.8 % 31.34 4.7 %
Q4 2022 273.14 11.2 % 90.74 1.6 % 32.05 (7.6 %)
Q1 2023 249.75 (7.8 %) 69.97 (29.2 %) 17.56 (61.2 %)
Q2 2023 252.66 (1.3 %) 78.21 (8.4 %) 22.63 (16.2 %)
Q3 2023 263.58 (4.4 %) 79.68 (8.8 %) 25.76 (17.8 %)
Q4 2023 225.66 (17.4 %) 65.15 (28.2 %) 10.89 (66.0 %)
Q1 2024 206.85 (17.2 %) 50.65 (27.6 %) (13.67) (177.9 %)
Q2 2024 226.45 (10.4 %) 68.85 (12.0 %) 18.86 (16.7 %)
Q3 2024 229.02 (13.1 %) 66.56 (16.5 %) 22.01 (14.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 2.98 - 0.12 - 2.98 0.12
Q2 2020 (10.81) - (0.42) - (10.81) (0.42)
Q3 2020 40.85 - 1.60 - 40.85 1.60
Q4 2020 23.26 - 0.91 - 23.26 0.91
Q1 2021 36.39 1122.8 % 1.43 - 36.39 1.43
Q2 2021 25.51 336.0 % 1.00 - 25.51 1.00
Q3 2021 25.49 (37.6 %) 1.00 - 25.49 1.00
Q4 2021 31.19 34.1 % 1.22 - 31.19 1.22
Q1 2022 43.24 18.8 % 1.70 - 43.24 1.70
Q2 2022 23.98 (6.0 %) 0.94 - 23.98 0.94
Q3 2022 18.79 (26.3 %) 0.74 (13.11) 31.90 1.25
Q4 2022 29.54 (5.3 %) 1.16 (2.94) 32.48 1.27
Q1 2023 14.32 (66.9 %) 0.56 (3.30) 17.62 0.69
Q2 2023 17.53 (26.9 %) 0.69 - 17.53 0.69
Q3 2023 20.06 6.8 % 0.79 (0.25) 20.32 0.80
Q4 2023 6.06 (79.5 %) 0.24 (1.03) 7.08 0.28
Q1 2024 (16.62) (216.1 %) (0.65) - (16.62) (0.65)
Q2 2024 12.31 (29.8 %) 0.48 - 12.31 0.48
Q3 2024 20.20 0.7 % 0.79 - 20.20 0.79

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 33.18 % 16.63 % 8.09 %
Q1 2021 35.75 % 23.03 % 12.25 %
Q2 2021 37.33 % 27.84 % 15.43 %
Q3 2021 35.81 % 25.72 % 13.29 %
Q4 2021 35.37 % 25.95 % 13.66 %
Q1 2022 35.19 % 25.48 % 13.42 %
Q2 2022 35.13 % 24.24 % 12.47 %
Q3 2022 34.42 % 23.46 % 12.43 %
Q4 2022 33.68 % 22.96 % 12.23 %
Q1 2023 31.62 % 20.92 % 10.05 %
Q2 2023 31.03 % 20.67 % 9.47 %
Q3 2023 30.66 % 20.31 % 8.46 %
Q4 2023 29.55 % 19.08 % 6.31 %
Q1 2024 28.85 % 16.87 % 2.98 %
Q2 2024 28.65 % 16.85 % 2.50 %
Q3 2024 28.29 % - 2.59 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 25.50 - - -
Q2 2020 25.50 - - -
Q3 2020 25.50 - - -
Q4 2020 25.50 2.21 2.21 8.84
Q1 2021 25.50 3.52 3.52 -
Q2 2021 25.50 4.94 4.94 11.05
Q3 2021 25.50 4.34 4.34 12.11
Q4 2021 25.50 4.65 4.65 13.36
Q1 2022 25.50 4.92 4.92 15.03
Q2 2022 25.50 4.86 4.86 13.57
Q3 2022 25.50 4.60 5.11 12.90
Q4 2022 25.50 4.53 5.16 13.12
Q1 2023 25.50 3.40 4.16 12.60
Q2 2023 25.50 3.14 3.90 12.88
Q3 2023 25.50 3.19 3.45 13.01
Q4 2023 25.50 2.27 2.45 12.67
Q1 2024 25.50 1.06 1.11 11.17
Q2 2024 25.50 0.86 0.91 11.28
Q3 2024 25.50 0.86 0.90 11.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 29.12 26.19 10.46
Q4 2022 30.32 26.62 10.58
Q1 2023 41.96 34.30 11.43
Q2 2023 41.24 33.23 10.17
Q3 2023 38.88 36.01 9.55
Q4 2023 41.75 38.70 7.56
Q1 2024 86.61 82.69 8.22
Q2 2024 93.19 88.03 7.06
Q3 2024 90.98 86.92 6.82

Business Segments (Million)

Compared With The
Period Domino's Pizza Dunkin Donuts Other activities Eliminations
Q3 2020 189.42 11.33 9.78 (5.30)
Q4 2020 193.76 12.28 9.53 (5.49)
Q1 2021 187.98 12.12 9.62 (5.58)
Q2 2021 173.85 10.60 18.53 (5.46)
Q3 2021 207.57 18.06 1.48 (6.32)
Q4 2021 219.03 22.39 11.79 (7.53)
Q1 2022 244.23 22.64 11.41 (7.31)
Q2 2022 232.33 18.80 11.95 (7.09)
Q3 2022 249.12 22.03 12.25 (7.60)
Q4 2022 250.57 18.89 11.86 (8.19)
Q1 2023 230.68 15.52 10.10 (6.55)
Q2 2023 230.25 17.31 11.16 (6.05)
Q3 2023 238.87 20.35 11.25 (6.89)
Q4 2023 210.96 11.55 8.68 (5.53)
Q1 2024 193.50 10.56 8.49 (5.70)
Q2 2024 212.25 10.67 9.23 (5.70)
Q3 2024 212.55 12.02 10.81 (6.36)

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 17.00 20.20 18.82 %

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Hermes 18.00 20.20 12.2 %
GIB Capital 16.00 20.20 26.3 %

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