Tanmiah announces surge in net profit, driven by a strong sales momentum

Tanmiah announces surge in net profit, driven by a strong sales momentum

- Continued recovery of margins during the period

- Completion of landmark transaction with Tyson Foods to unlock future growth opportunities and substantial shareholder returns

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 nine-month ending on 30 September 2022, with a 35.6% year-on-year (YoY) increase in revenues to SAR 1,525.4 million.

Meanwhile, the gross margin improved to 24.1%, up from 22.5% during the same period last year, while EBITDA of SAR 185.9 million (+61% YoY) yielded a margin of 12.2%. Net profit went up 144.9% YoY from SAR 25.9 million to SAR 63.5 million, underpinned by a continued increase in sales volumes, supported by Tanmiah’s sustained production capacity expansion and rising consumer demand for domestically produced fresh poultry.

Zulfiqar Hamadani CEO of Tanmiah, commented: “We concluded the third quarter with a robust growth in both the top and bottom line, thanks to our sustained capacity expansion plans and favorable market conditions, in addition to our ability to meet customer’s changing demands through the diversity of offerings within Tanmiah’s extensive portfolio.

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