Tanmiah Food Co. reported a net profit of SAR 21 million Q1 2024, unchanged from the year-ago period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 484.48 | 581.40 | 20.0 % |
| Gross Income | 119.95 | 144.50 | 20.5 % |
| Operating Income | 36.40 | 39.50 | 8.5 % |
| Net Income | 21.00 | 21.00 | - |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 1.05 | 1.05 | - |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 576.22 | 581.40 | 0.9 % |
| Gross Income | 151.51 | 144.50 | (4.6 %) |
| Operating Income | 46.70 | 39.50 | (15.4 %) |
| Net Income | 26.37 | 21.00 | (20.4 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 1.32 | 1.05 | (20.4 %) |
Tanmiah recorded a 20% improvement in revenues in Q1 2024, reaching SAR 581.4 million, in line with the continued growth of all business segments.
It witnessed a 20.42% rise in gross profit to SAR 144.5 million, in line with the improvement in revenues, outweighing the increase in cost of sales.
In addition, operating profit grew by 8.52% to SAR 39.5 million, despite a 25.8% rise in general and administrative expenses during the period.
Net profit for Q1 2023 included a one-off subsidy of SAR 15.29 million.
Sequentially, Tanmiah’s first-quarter earnings retreated 20.4% from SAR 26.37 million in Q4 2023, due to a slight rise in sales, general and administrative expenses.
Shareholders' equity, excluding minority interest, at the end of Q1 2024 amounted to SAR 639.8 million, compared to SAR 635.4 million a year earlier.
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