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Almunajem Foods 2022 profit leaps 75% to SAR 290.2 mln, Q4 at SAR 16.9 mln
Almunajem Foods Co. posted a net profit of SAR 290.2 million for 2022, up 75% compared to SAR 166.1 million in the previous year.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 2,577.02 | 2,978.52 | 15.6 % |
| Gross Income | 441.37 | 583.26 | 32.1 % |
| Operating Income | 178.88 | 302.04 | 68.9 % |
| Net Income | 166.09 | 290.20 | 74.7 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 2.77 | 4.84 | 74.7 % |
The profit growth was due to an increase in revenue by 15.6% year-on-year (YoY) to SAR 2.97 billion on improved trade conditions. In addition, gross profit leapt by 33.2% YoY on improved profit margins in almost all categories.
However, operating expenses rose by 9% YoY to SAR 286 million, and Zakat expense was up 29.8% to SAR 19 million.
The company's Q4 2022 net profit fell 63% to SAR 16.90 million, compared to SAR 45.98 million a year earlier.
On a sequential basis, Q4 2022 net profit fell 68.5% from SAR 53.62 million.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 679.50 | 747.84 | 10.1 % |
| Gross Income | 115.34 | 90.99 | (21.1 %) |
| Operating Income | 49.12 | 23.88 | (51.4 %) |
| Net Income | 45.98 | 16.90 | (63.2 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.77 | 0.28 | (63.2 %) |
Shareholders' equity, no minority interest, at the end of 2022 amounted to SAR 900.5 million, compared to SAR 804.7 million in 2021.
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Share Price
Almunajem Foods Co. (ALMUNAJEM)
| Current | |
| Market Cap (M Riyal) | 6,120.00 |
| Enterprise Value (EV) (M) | 6,050.05 |
| Shares Outstanding ((M)) | 60.00 |
| EPS ( Riyal) (TTM) | 5.00 |
| Book Value (BV) ( Riyal) | 17.85 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 20.69 |
| P/E (TTM) | 20.40 |
| Price/book | 5.71 |
| Return on Average Assets (%) (TTM) | 18.9 |
| Return on Average Equity (%) (TTM) | 29.4 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 788.01 | 25.5 % | 172.53 | 77.1 % | 101.18 | 204.7 % |
| Q2 2022 | 712.48 | 15.9 % | 195.96 | 79.8 % | 121.75 | 196.2 % |
| Q3 2022 | 730.20 | 11.5 % | 123.78 | 3.5 % | 55.23 | (0.4 %) |
| Q4 2022 | 747.84 | 10.1 % | 90.99 | (21.1 %) | 23.88 | (51.4 %) |
| 2022 | 2,978.52 | 15.6 % | 583.26 | 32.1 % | 302.04 | 68.9 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 97.56 | 231.1 % | 1.63 | - | 97.56 | 1.63 |
| Q2 2022 | 122.12 | 221.5 % | 2.04 | 2.50 | 119.62 | 1.99 |
| Q3 2022 | 53.62 | 1.8 % | 0.89 | - | 53.62 | 0.89 |
| Q4 2022 | 16.90 | (63.2 %) | 0.28 | - | 16.90 | 0.28 |
| 2022 | 290.20 | 74.7 % | 4.84 | 2.50 | 287.70 | 4.80 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 18.87 % | 10.35 % | 8.56 % |
| Q2 2022 | 21.28 % | 12.86 % | 11.14 % |
| Q3 2022 | 20.88 % | 12.56 % | 10.89 % |
| Q4 2022 | 19.58 % | 11.45 % | 9.66 % |
| 2022 | 19.58 % | 11.45 % | 9.66 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 60.00 | 3.90 | 3.90 | 15.04 |
| Q2 2022 | 60.00 | 5.31 | 5.26 | 15.07 |
| Q3 2022 | 60.00 | 5.32 | 5.28 | 14.72 |
| Q4 2022 | 60.00 | 4.84 | 4.80 | 15.01 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 15.63 | 15.63 | 4.06 |
| Q2 2022 | 11.10 | 11.19 | 3.91 |
| Q3 2022 | 12.97 | 13.07 | 4.69 |
| Q4 2022 | 12.69 | 12.80 | 4.09 |
Business Segments (Million)
Q4 2022
| Period | Wholesale goods-in-transit& food services | Retail goods-in-transit | Storage rent revenue |
|---|---|---|---|
| Q1 2022 | 458.20 | 326.49 | 3.32 |
| Q2 2022 | 421.01 | 288.15 | 3.31 |
| Q3 2022 | 427.49 | 299.79 | 2.92 |
| Q4 2022 | 442.14 | 303.20 | 2.50 |
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