Financial Results : Tanmiah 9M 2025 profit slumps 95% to SAR 3.6M; Q3 loss at SAR 15.8M

Tanmiah 9M 2025 profit slumps 95% to SAR 3.6M; Q3 loss at SAR 15.8M

09/11/2025 Argaam Exclusive

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Tanmiah Food Co.’s net profit declined 95% to SAR 3.6 million in the first nine months of 2025, from SAR 69.1 million in the prior-year period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 1,878.60 1,940.80 3.3 %
Gross Income 475.97 459.10 (3.5 %)
Operating Income 130.40 88.40 (32.2 %)
Net Income 69.09 3.60 (94.8 %)
Average Shares 20.00 20.00 -
Earnings Per Share before unusual items (Riyals) 3.45 0.18 (94.8 %)
EPS (Riyal) 3.45 0.18 (94.8 %)

The profit decline was mainly due to ongoing market challenges resulting in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and new facilities ramp up costs, partially offset by cost optimization initiatives.

 

This was in spite of 3.3% revenues increase in 9M 2025 to SAR 1.94 billion, compared to SAR 1.87 billion in 9M 2024, supported by Tanmiah’s diversified business model and driven by strong performance in restaurant operations and growth in animal feed and health products segment, despite ongoing market headwinds and pricing pressures in fresh poultry.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 657.44 614.20 (6.6 %)
Gross Income 167.44 137.80 (17.7 %)
Operating Income 48.10 16.60 (65.5 %)
Net Income 24.12 (15.80) (165.5 %)
Average Shares 20.00 20.00 -
Earnings Per Share before unusual items (Riyal) 1.21 (0.79) (165.5 %)
EPS (Riyal) 1.21 (0.79) (165.5 %)

During Q3 2025, the company turned to a loss of SAR 15.8 million, against a profit of SAR 24.12 million in Q3 2024.

 

On quarterly basis, Tanmiah flipped to losses versus a profit of SAR 0.5 million in Q2 2025.

 

Total shareholders’ equity, excluding minority interest, dropped to SAR 640.8 million as of Sept. 30, 2025, from SAR 649.9 million in the year-earlier period.

Attached document:

 

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 295.62 - 73.03 - 24.14 -
Q2 2020 280.14 - 66.29 - 18.10 -
Q3 2020 304.29 - 79.06 - 25.04 -
Q4 2020 331.88 - 91.26 - 38.91 -
Q1 2021 368.34 24.6 % 89.32 22.3 % 26.12 8.2 %
Q2 2021 366.52 30.8 % 78.18 17.9 % 9.59 (47.0 %)
Q3 2021 389.94 28.1 % 85.14 7.7 % 11.27 (55.0 %)
Q4 2021 414.53 24.9 % 74.05 (18.9 %) (1.37) (103.5 %)
Q1 2022 340.62 (7.5 %) 70.43 (21.2 %) (2.28) (108.7 %)
Q2 2022 436.10 19.0 % 109.24 39.7 % 28.13 193.3 %
Q3 2022 471.54 20.9 % 121.31 42.5 % 35.15 212.0 %
Q4 2022 478.78 15.5 % 119.22 61.0 % 33.89 2568.1 %
Q1 2023 484.48 42.2 % 119.95 70.3 % 32.21 1510.1 %
Q2 2023 498.66 14.3 % 105.94 (3.0 %) 17.84 (36.6 %)
Q3 2023 533.74 13.2 % 117.37 (3.2 %) 28.65 (18.5 %)
Q4 2023 576.22 20.4 % 151.51 27.1 % 43.21 27.5 %
Q1 2024 581.36 20.0 % 144.46 20.4 % 35.50 10.2 %
Q2 2024 639.81 28.3 % 164.07 54.9 % 42.90 140.5 %
Q3 2024 657.44 23.2 % 167.44 42.7 % 48.10 67.9 %
Q4 2024 684.88 18.9 % 178.43 17.8 % 52.61 21.8 %
Q1 2025 677.12 16.5 % 168.37 16.5 % 43.60 22.8 %
Q2 2025 649.50 1.5 % 152.88 (6.8 %) 24.46 (43.0 %)
Q3 2025 614.20 (6.6 %) 137.80 (17.7 %) 16.60 (65.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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 16.05 - 0.80 - 16.05 0.80
Q2 2020 10.46 - 0.52 - 10.46 0.52
Q3 2020 17.52 - 0.88 - 17.52 0.88
Q4 2020 30.38 - 1.52 - 30.38 1.52
Q1 2021 18.79 17.1 % 0.94 - 18.79 0.94
Q2 2021 3.42 (67.3 %) 0.17 - 3.42 0.17
Q3 2021 3.71 (78.8 %) 0.19 - 3.71 0.19
Q4 2021 (12.36) (140.7 %) (0.62) - (12.36) (0.62)
Q1 2022 1.54 (91.8 %) 0.08 - 1.54 0.08
Q2 2022 30.20 783.5 % 1.51 - 30.20 1.51
Q3 2022 31.74 754.7 % 1.59 - 31.74 1.59
Q4 2022 123.33 1097.5 % 6.17 101.93 21.40 1.07
Q1 2023 20.99 1261.1 % 1.05 - 20.99 1.05
Q2 2023 11.41 (62.2 %) 0.57 - 11.41 0.57
Q3 2023 17.17 (45.9 %) 0.86 - 17.17 0.86
Q4 2023 26.37 (78.6 %) 1.32 - 26.37 1.32
Q1 2024 20.96 (0.2 %) 1.05 - 20.96 1.05
Q2 2024 24.02 110.5 % 1.20 - 24.02 1.20
Q3 2024 24.12 40.5 % 1.21 - 24.12 1.21
Q4 2024 26.73 1.4 % 1.34 - 26.73 1.34
Q1 2025 18.89 (9.8 %) 0.94 - 18.89 0.94
Q2 2025 0.50 (97.9 %) 0.02 - 0.50 0.02
Q3 2025 (15.80) (165.5 %) (0.79) - (15.80) (0.79)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 25.55 % - 6.14 %
Q1 2021 25.37 % 16.42 % 6.01 %
Q2 2021 24.64 % 13.83 % 5.11 %
Q3 2021 23.61 % 12.39 % 3.87 %
Q4 2021 21.22 % 9.43 % 0.88 %
Q1 2022 20.36 % 7.73 % (0.24 %)
Q2 2022 21.43 % 9.03 % 1.46 %
Q3 2022 22.55 % 10.56 % 3.07 %
Q4 2022 24.33 % 11.67 % 4.91 %
Q1 2023 25.11 % 12.81 % 5.58 %
Q2 2023 24.12 % 12.00 % 4.42 %
Q3 2023 23.17 % 11.34 % 3.56 %
Q4 2023 23.64 % 12.08 % 3.63 %
Q1 2024 23.71 % 12.07 % 3.47 %
Q2 2024 24.77 % 12.66 % 3.80 %
Q3 2024 25.56 % 13.34 % 3.89 %
Q4 2024 25.53 % 13.64 % 3.74 %
2024 25.53 % 13.36 % 3.74 %
Q1 2025 25.51 % 13.83 % 3.53 %
Q2 2025 25.00 % 13.59 % 2.63 %
Q3 2025 24.28 % - 1.15 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 10.00 - - 10.92
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 10.00 - - 17.83
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 20.00 - - 14.34
Q1 2020 20.00 - - -
Q2 2020 20.00 - - -
Q3 2020 20.00 - - -
Q4 2020 20.00 3.72 3.72 17.38
Q1 2021 20.00 3.86 3.86 18.32
Q2 2021 20.00 3.51 3.51 18.50
Q3 2021 20.00 2.82 2.82 18.68
Q4 2021 20.00 0.68 0.68 17.81
Q1 2022 20.00 (0.18) (0.18) 17.89
Q2 2022 20.00 1.15 1.15 18.89
Q3 2022 20.00 2.56 2.56 20.48
Q4 2022 20.00 9.34 4.24 30.72
Q1 2023 20.00 10.31 5.22 31.77
Q2 2023 20.00 9.37 4.28 28.85
Q3 2023 20.00 8.65 3.55 29.71
Q4 2023 20.00 3.80 3.80 30.94
Q1 2024 20.00 3.80 3.80 31.99
Q2 2024 20.00 4.43 4.43 31.29
Q3 2024 20.00 4.77 4.77 32.50
Q4 2024 20.00 4.79 4.79 34.10
Q1 2025 20.00 4.69 4.69 35.05
Q2 2025 20.00 3.51 3.51 32.83
Q3 2025 20.00 1.52 1.52 32.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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 38.08 38.08 5.74
Q4 2021 More than 100 More than 100 4.61
Q1 2022 NEG NEG 4.50
Q2 2022 59.50 59.50 3.64
Q3 2022 41.32 41.32 5.16
Q4 2022 14.05 30.91 4.27
Q1 2023 12.47 24.65 4.05
Q2 2023 13.46 29.51 4.37
Q3 2023 10.83 26.38 3.15
Q4 2023 27.13 27.13 3.33
Q1 2024 37.15 37.15 4.41
Q2 2024 27.66 27.66 3.91
Q3 2024 30.17 30.17 4.43
Q4 2024 25.26 25.26 3.55
Q1 2025 26.24 26.24 3.51
Q2 2025 27.66 27.66 2.96
Q3 2025 54.45 54.45 2.58

Business Segments (Million)

Compared With The
Period Fresh Poultry Animal Feed and Health Food franchise operator
Q1 2022 295.40 41.30 4.00
Q2 2022 380.50 49.70 5.80
Q3 2022 394.70 70.10 6.70
Q4 2022 392.30 73.40 13.10
Q1 2023 406.00 61.50 17.00
Q2 2023 419.70 59.00 20.00
Q3 2023 433.41 76.71 23.68
Q4 2023 463.10 85.50 27.70
Q1 2024 480.40 72.50 28.50
Q2 2024 491.00 117.70 31.10
Q3 2024 494.22 129.23 34.35
Q4 2024 506.50 135.70 42.70
Q1 2025 499.70 133.90 43.50
Q2 2025 480.70 117.00 51.90

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 1.10 (15.80)

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
GIB Capital (1.00) (15.80)
SNB Capital 0.50 (15.80)
AlJazira Capital 3.80 (15.80)


Financial Ratios
Current
Market Cap (M Riyal) 1,333.00
Enterprise Value (EV) (M Riyal) 2,377.88
Shares Outstanding ((M)) 20.00
EPS ( Riyal) (TTM) 1.52
Book Value (BV) ( Riyal) 32.04
Par Value ( Riyal) 10.00
Recurring P/E 43.96
P/E (TTM) 43.96
Price/book 2.08
Return on Average Assets (%) (TTM) 1.1
Return on Average Equity (%) (TTM) 4.7
EV/adj EBITDA -
EV/Revenues 0.91
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Share Price

Tanmiah Food Co.
66.65
0.05 0.08 %

Tanmiah Food Co. (TANMIAH)

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