Riyadh – Mubasher: Almunajem Foods Company registered SAR 139.40 million in net profit after Zakat and tax during the first half (H1) of 2023, down 36.55% from SAR 219.70 million in H1-22.
The Saudi firm generated revenues valued at SAR 1.67 billion in H1-23, marking an annual rise of 11.59% from SAR 1.50 billion, according to estimated financial results.
Earnings per share (EPS) reached SAR 2.32 during the first six months (6M) of 2023, compared to SAR 3.66 in the year-ago period.
Income Stalemates for Q2-23
During the second quarter (Q2) of 2023, the firm logged net profits after Zakat and tax standing at SAR 57.60 million, lower by 52.83% year-on-year (YoY) than SAR 122.10 million.
Meanwhile, the company’s revenues totalled SAR 772.40 million in the April-June 2023 period, up 8.41% YoY from SAR 712.50 million.
On a quarterly basis, the Q2-23 net profits dropped by 29.67% from SAR 81.90 million in Q1-23, while the revenues shrank by 14.37% from SAR 902 million.
As of 31 March 2023, the net profits after Zakat and tax of Almunajem Foods hit SAR 81.90 million, an annual decline of 16.09% from SAR 97.60 million.
