Almunajem Foods, a leader in frozen & chilled and dry food in Saudi Arabia, said its revenues increased by 1.5% YoY to SR2.6 billion ($692 million) in 2021, driven by an increase in some product prices and recovery in demand.

Gross Profit decreased by 9.6% YoY to SR441 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 SR166 million. In addition to the above-mentioned reasons, the decline in net profit was due to:

One-off other income amounting to SR10.3 million that the Company filed and received during 2020, related to a lawsuit raised against one of its service providers.

Q4 2021 vs. Q4 2020

•    Net revenues increased by 9.2% YoY to SR679 million driven by higher prices in some food categories and products.
•    Gross profit increased by 17.3% YoY to SR115 million while net profit rose by 64.3% YoY to SR46 million.

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,” he added. – TradeArabia News Service