Tanmiah delivers robust earnings growth supported by strong product demand

Tanmiah delivers robust earnings growth supported by strong product demand

RIYADH — Tanmiah Food Company (“Tanmiah” or the “Company”, 2281 on the Saudi Exchange), a market leading provider of fresh and processed poultry and other meat products, animal feed and health products, and a foods brand franchise operator, today announced its results for the first half ended 30 June 2022, with a 31% year-on-year (YoY) growth in revenues to SR965.9 million. Gross margin improved to 23.3% from 22.8% in H1-2021, while EBITDA of SR107.5 million (+30% YoY), yielded a margin of 11.1%. Net income increased 43% YoY from SR22.2 million to SR31.7 million, on the back of the robust topline performance and gradual price increases in the fresh chicken category.

Zulfiqar Hamadani CEO of Tanmiah, commented:“We have continued to successfully execute our capacity expansion program, resulting in solid topline performance as Tanmiah’s products continued to grow in popularity during the first half of the year as we drive innovation across all our product lines. The recent completion of refurbishment projects at our Majmah facility to reach a capacity of 420,500 birds per day (net of rental capacity) will further boost revenues and profitability in the upcoming quarters and is a major milestone in our goal to reach a production capacity of