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.
| 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.
| 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 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 730.20 | 747.84 | 2.4 % |
| Gross Income | 123.78 | 90.99 | (26.5 %) |
| Operating Income | 55.23 | 23.88 | (56.8 %) |
| Net Income | 53.62 | 16.90 | (68.5 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.89 | 0.28 | (68.5 %) |
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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