Tanmiah Food Company has announced its results for the year ending on Dec. 31, 2022, reporting a 42.8 percent year-on-year rise in revenues to SR1,727 million.
The gross margin substantially improved from 19.2 percent in FY2021 to 24.3 percent, while the EBITDA of SR220.3 million (+142.5 percent year-on-year) yielded a margin of 13 percent. The net profit attributable to owners of the company increased significantly from SR13.6 million to SR186.8 million. This increase is due to a one-off gain amounting to SR101.9 million recorded in the income statement, resulting from the Tyson transaction, which involved the acquisition of a 60 percent equity stake in Supreme Foods Processing Company.
Growth strategy
As the company concludes yet another successful year in its long journey, the solid foundation has remained in place, to allow Tanmiah to continue to progress in terms of its expansion agenda. The company is strongly positioned to embark on a new phase of growth and development, aided by expansion across all stages of the value chain and access to new geographies that will enable Tanmiah to unlock multiple opportunities in the fast-growing global halal food market. This collaboration is set to accelerate the company’s growth and reinforce its commitment to the Kingdom’s objectives of food security and self-sufficiency, whilst bringing world-class industry know-how to the domestic market.
