, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
Food, Beverages & Restaurant(Food Industry)
Filter PR by
Almunajem Foods Reports SAR2.57bn in Sales for Fy 2021
Almunajem Foods Reports SAR2.57bn in Sales for Fy 2021
25, March 2022; Riyadh, KSA:  Almunajem Foods (the “Company” and TASI: 4162), a market leading importer, distributor and producer of frozen & chilled and dray food in Saudi Arabia, today announced its financial results for the full year (“FY”) and fourth quarter (“Q4”) ending 31 December 2021.
Financial Performance Highlights  
FY 2021 vs. FY 2020 
Broad and diverse product offering, balanced sales channel mix and strong brand recognition supported stable top line growth as the market gradually began to return to pre-Covid 19 demand trends. 
- Net revenues increased by 1.5% YoY to SAR 2.6 billion, driven by an increase in some product prices and recovery in demand from the Food Service channel. 
- Gross Profit decreased by 9.6% YoY to SAR 441 million on the back of lower contribution from Retail channel compared to 2020, and resumption in the discounts and promotional activities in the Retail channel, compared to last year, where less activities were carried out.
- Net profit declined by 27.8% YoY to SAR 166 million. In addition to the above-mentioned reasons, the decline in net profit was due to:
 One-off other income amounting to SAR 10.3 million that the Company filed and received during 2020, related to a lawsuit raised against one of its service providers.
 Increase in Zakat expense for the year due to the increase of the Company’s zakat base   
Q4 2021 vs. Q4 2020
- Net revenues increased by 9.2% YoY to SAR 679 million driven by higher prices in some food categories and products. 
- Gross profit increased by 17.3% YoY to SAR 115 million while net profit rose by 64.3% YoY to SAR 46 million. 
Balance Sheet (as of 31 December 2021) 
Robust balance sheet, low leverage, strong liquidity position, and stable capital structure underpinning the Company’s growth strategy
- Total assets stood at SAR 1,298 million as at 31 December 2021, a 21% increase YoY compared to SAR 1,070 million a year ago.
- Total shareholder equity was SAR 805 million as at 31 December 2021, a 26% growth YoY compared to SAR 640 million a year ago.
- Return on assets (ROA) was 13% and Return on Equity (ROE) was 20.6% as at 31 December 2021.
- As part of its prudent financial management, the Company increased its provision for credit losses during the year to SAR 4.4 million (2020: SAR 2.2 million).
- Net cash from operating activities increased by 13% YoY to SAR 232 million.
Commenting on the FY 2021 results, Thamer Bin Abdulaziz Abanumay, Chief Executive Officer of Almunajem Foods, said:
“Despite the global pandemic’s continued impact on global supply chains and influence of supply-demand dynamics on the global and local F&B industry, Almunajem Foods revenues continued to grow at a steady pace in 2021, up 1.5% compared to the corresponding period a year ago.  Our resilient performance is owed to our integrated operating model supported by a comprehensive and streamlined logistics network across the Kingdom and our strong relationship with over 60 suppliers across the world.  
“As part of our efforts to benefit from the underlying growth drivers of the Saudi F&B sector, we have developed and are executing on a well-defined strategy with the aim of capturing greater market share across all channels while further evolving our portfolio mix to help support growth and protects the interest of our shareholders.”
Table 1.1: Income Statement Headline Numbers (FY & Q4)

In millions of SAR

(unless otherwise stated)

FY 2021

FY 2020

% change 2021 vs. 2020

Q4 2021

Q4 2020

% change Q4 2020 vs. Q4 2020

Net Revenues







Gross Profit







Gross Profit Margin














Net Profit








Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 11139 times
PR Category : Food Industry
Posted on : Friday, March 25, 2022  11:11:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : AlUla Offers Ramadan with a Difference
Next Story : Rosewood Jeddah Launches a Fun Friday Family Brunch With Pro...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Create your Spider-Man Look [8172-Views]
Give More than a Gift with Pandora [8153-Views]
Crafting an Icon: the New Moments Studded Chain [6093-Views]
Revealed: 65.24cm (2 Ft 1.68 in) Afshin Ghaderzadeh Declared World's Shortest Man [5646-Views]
New Year, New Me with essence Products [5519-Views]
It's a Record-Breaking First Season for Premier Padel as the Sport goes Global in 2022 [4593-Views]
As Unique as your LOVE [4107-Views]
Embrace this New Year with Catrice [4075-Views]
CNN Business Arabic is Now Live [3759-Views]
Arab Bank Group Reports Net Profits of $544.3 million for 2022, 25% Cash Dividends [3116-Views]
Passenger Recovery Continues in November [3030-Views]
IATA Statement on Imposition of Travel Restrictions for Travelers from China [2927-Views]
French Ace Relishing Battle ahead as Bahrain Raid Xtreme Go for Glory in Saudi [2886-Views]
Universal Motors Agencies (ALTAWKILAT) – Saudi Auto distributor Expanding into UAE [2540-Views]
‘Raptor Land' Middle East Becomes First Region to Welcome All Three of Ford's Off-Road Performance B... [2503-Views]
Panasonic brings a New Level of Convenient, Healthy Cooking in KSA Homes with the NN-CD87 4-in-1 Con... [2342-Views]
Russian Compani will Participate in the 11th Largest International Construction Exhibition - The Big... [2299-Views]
LG Announces 2022 Financial Results [2232-Views]
SAP Announces Q4 and FY 2022 Results [2211-Views]
Panasonic Announces Ahmed Abdulwahed Trading Co (AAW) as the New Distributor In Saudi Arabia [2144-Views]
RSS Facebook Twitter LinkedDin on Instagram
Top Sections
Top Stories