Saudi: Tanmiah H1 net at $8.8mln; sustains top-line performance

Saudi: Tanmiah H1 net at $8.8mln; sustains top-line performance

Saudi Arabia - Tanmiah Food Company, a market-leading provider of fresh and processed poultry and other meat products, has seen its attributable first-half net profit rise 2.2% YoY from SR31.7 million in H1 2022 to SR32.4 million ($8.8 million).

Revenues increased 26.6% YoY from SR776.7 million to SR983.1 million, supported by a 22.2% rise in fresh poultry sales. Gross margin was steady at 23%, while EBITDA of SR119.2 million (+45.4% YoY) yielded a margin of 12.1%.

Zulfiqar Hamadani, CEO of Tanmiah, commented: “Tanmiah achieved sustained revenue growth during the first half of 2023, with fresh poultry, animal feed and health, and food franchise operations all charting their upward trajectories. Our position as a prominent industry player, coupled with our collaborative association with globally renowned brands, have bolstered this performance.

Consumer preference

“With a commitment to operational excellence reflected in our sustainability and innovation initiatives, we are delighted to have been honoured with esteemed awards such as Forbes' Top 10 Innovative Companies in Sustainability and 2023's Product of the Year. These accolades mirror the growing consumer preference for our nutritious, high-quality products, produced and delivered sustainably by our dedicated team that is guiding the company’s path to success.

“Looking ahead, we remain focused on spearheading innovation