Tanmiah Food Co. announces its Annual Financial Results for the Period Ending on 2023-12-31 (Twelve Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 576.2 | 478.8 | 20.342 | 533.7 | 7.963 |
| Gross Profit (Loss) | 151.5 | 119.2 | 27.097 | 117.4 | 29.045 |
| Operational Profit (Loss) | 46.7 | 38 | 22.894 | 32.1 | 45.482 |
| Net profit (Loss) | 26.4 | 123.3 | -78.588 | 17.2 | 53.488 |
| Total Comprehensive Income | 24.6 | 130.8 | -81.192 | 17.2 | 43.023 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 2,093.1 | 1,727 | 21.198 |
| Gross Profit (Loss) | 494.8 | 420.2 | 17.753 |
| Operational Profit (Loss) | 136.7 | 113.3 | 20.653 |
| Net profit (Loss) | 75.9 | 186.8 | -59.368 |
| Total Comprehensive Income | 87.3 | 197.91 | -55.889 |
| Total Share Holders Equity (After Deducting the Minority Equity) | 618.8 | 614.3 | 0.732 |
| Profit (Loss) per Share | 3.8 | 9.3 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Tanmiah reported a rise in revenue of 20.34% to SAR 576.2 million in 4Q2023 due to the sustained improvement in the performance of all segments. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The company recorded a net profit attributable to owners of the company amounting to SAR 26.4 million compared to SAR 123.3 million in the same quarter last year. It is worth noting that last year's profit included a one-off gain of SAR 101.9 million arising from our strategic partnership with Tyson Foods. Excluding this one-off gain, net profit increased by 23%. This was mainly due to higher volumes and enhanced operational efficiencies, offset by lower subsidy payout and an aggressive ramp-up of our food franchise operations. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The 8% increase in revenue results from improved performance across all segments. Volumes continued to increase in the fresh poultry and trading business, and the opening of 16 new Popeyes stores during this quarter also contributed to the top line. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net profit attributable to the Company’s owners of the improved by a remarkable 53.49% to SAR 26.4 million in 4Q2023, compared to SAR 17.2 million in 3Q2023, as a result of the continued rise in revenues, driven by Tanmiah’s capacity expansion. Selling, General, and Administrative Expenses (SG&A) increased 21.8% to SAR 107.3 million, compared to the previous quarter, due to the expansion of the Company’s distribution network and the launch of a new advertising and marketing campaign to support sales. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Tanmiah reported a 21.2% rise in revenues to SAR 2,093.1 million in FY2023 due to continued improvement in sales across the company’s core business segments. Fresh poultry remained the key driver of this performance, while food franchise operations witnessed a threefold revenue increase. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit attributable to the company’s owners declined 59.37% from SAR 186.8 million to SAR 75.9 million. As mentioned above, net profit in FY2022 included a one-off gain of SAR 101.9 million due to the strategic partnership with Tyson Foods. Net profit was affected in FY2023 by a lower subsidy pay out, increasing pricing pressure in the market, continued expansion of fresh poultry and Popeyes stores. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | For more information, please see note 3 in the consolidated financial statements for the Year ended 31st December 2023. |
| Additional Information | Tanmiah reported 4Q2023 revenues of SAR 576.2 million, up 20.34% year-on-year (“YoY”) from SAR 478.8 million. This was primarily driven by the improvement in sales across the entire portfolio of products and services, particularly the fresh poultry segment. Fresh Poultry sales, the most significant contributor to the Company’s revenues (80%), increased 18.0% YoY to SAR 463.1 million in 4Q2023. Tanmiah’s expansion of production capacity reinforced the segment’s positive performance further supported by enhanced marketing activities. Feed and animal health revenues grew 16.5% YoY to SAR 85.5 million in 4Q2023, as demand for animal health products and equipment increased. Food franchise operator revenues amounted to SAR 27.7 million for 4Q2023 (compared to SAR 13.1 million in 4Q2022). During the fourth quarter, Tanmiah opened 16 new POPEYES® stores, with 52 outlets now operating across the Kingdom. The Company’s fast food franchise operations have continued their solid growth trajectory ever since the launch of POPEYES® in 2021. Tanmiah is on track to expand its store network across the Kingdom. |
| Attached Documents |  |
