Tanmiah H1 revenue surges to SAR983.1m on poultry sales

Tanmiah H1 revenue surges to SAR983.1m on poultry sales

Saudi Arabia’s Tanmiah Food Company posted SAR983.1m in half-year revenues, up 26.6 per cent year-on-year (YoY) from SAR776.7m a year ago, driven by continued growth across all segments, particularly fresh poultry sales.

Fresh poultry sales, which contributed 84 per cent to the company’s total revenues, increased by 22.2 per cent YoY in H1 2023 to SAR825.7m from SAR675.9m during the same period a year earlier.

Tanmiah, said in a statement, that the growth in revenues can be attributed to a continued rise in sales volumes as well as an increase in production capacity.

The company’s food franchise operations reported a significant increase in revenues from SAR9.8m to SAR37m.

“Our progress during the first half of the year speaks to our dedication to fortifying the domestic food sector and supporting Saudi Arabia’s journey towards becoming a global Halal hub,” said Ahmed bin Sharf Osilan, managing director and executive board member of Tanmiah.

The food manufacturing firm’s half-year profit increased by 2.2 per cent YoY to SAR32.4m compared to SAR 31.7m in H1 2022.

Cost of sales also increased by 26.8 per cent YoY to SAR757.2m in the first six months of the year from SAR597.1m for a similar period a year ago, as Tanmiah ramped up production