Alamar’s net profit slides 40% in 9M-23; dividends for Q3-23 unveiled

PHOTO

Riyadh – Alamar Foods Company reported a net profit after Zakat and tax of SAR 51.47 million in the first nine months (9M) of 2023, marking a decrease of 40.07% from SAR 85.89 million in9M-22.

The company posted earnings per share (EPS) of SAR 2.06 in 9M-23, compared to SAR 3.41 in 9M-22, as per the preliminary financial statements.

Alamar witnessed a 4.58% decline in revenue to SAR 765.99 million during January-September 2023 from SAR 802.74 million in the same period of 2022.

Financial Results for Q3

In the third quarter (Q3) of 2023, the Saudi firm recorded a net profit after Zakat and tax of SAR 20.40 million, an increase of 7.03% from SAR 19.06 million in Q3-22.

The company’s revenues decreased by 4.43% to SAR 263.58 million in July-September 2023 when compared to SAR 275.80 million in the same quarter of the previous year.

On a quarterly basis, the net profit in Q3-23 rose by 18.51% from SAR 17.21 million in Q2-23 and the revenues increased by 4.32% from SAR 252.66 million.

Dividends for Q3-23

The board members of Alamar approved cash dividends valued at SAR 15.17 million, representing 6% of the capital, for Q3-23.

The company will grant a dividend of SAR 0.60 per share for 25.29 million eligible shares.

Furthermore, the eligibility and payment dates for the dividends will be 21 November and 25 December 2023, respectively.

It is worth noting that Alamar started trading on the Saudi Exchange (Tadawul) in August 2023.