Among the many drivers of serious year-on-year will increase in revenues and revenue for the final three months have been greater gross sales of recent poultry, in keeping with Tanmiah Meals Firm.
In its report for the second quarter of the fiscal yr (to June 30, 2024), the group additionally attributes enhancements to a broader geographical protection, extra targeted advertising and marketing, and growth of its gross sales channels. Constructive developments had been seen throughout all its enterprise segments — particularly recent poultry, feed, animal well being, and its fast-food franchise.
At nearly 640 million riyals (SAR; US$171 million), the group’s whole gross sales income for the reporting interval was up 28% year-on-year.
Regardless of a rise in manufacturing prices from the comparable interval in 2023, Tanmiah recorded a 55% enchancment in gross revenue to only over SAR164 million. This enhance was pushed by the rise in revenues, the agency says.
At SAR42.8 million, operational revenue has nearly doubled in contrast with the identical three-month interval of final yr. Internet revenue attributable to the corporate’s shareholders was 111% greater year-on-year at SAR24.0 million for the reporting interval.
These robust quarterly figures feed into Tanmiah’s outcomes for the primary half of the present yr. At over SAR1.22 billion, gross sales income is 24% greater than on the similar level in 2023. Gross revenue was reported up nearly 37% at SAR309 million, and operational revenue was 42% greater year-on-year at SAR82.3 million.
Increased income throughout all enterprise segments
Accounting for 77% of Tanmiah Meals Co’s whole gross sales, Contemporary Poultry is the foremost contributor to the group’s whole income. For the second quarter, this phase generated gross sales of slightly below SAR491 million. This year-on-year enhance of 18% was attributed, amongst different drivers, to expanded manufacturing capability.
Sturdy demand for animal well being product and gear had been reported to have pushed a near-100% enhance for the agency’s feed and animal well being operation to nearly SAR118 million
Third of Tanmiah’s operations is its quick meals franchise, which has grown steadily because it launched Popeyes in Saudi Arabia in 2021. For the newest three months, operator income reached SAR31.2 million. This was 56% greater than within the comparable interval of final yr.
Over the previous three months, Tanmiah opened its first Popeyes retailer in Bahrain along with six extra in Saudi Arabia. These deliver its whole retailers to 61, and additional shops are deliberate throughout the Kingdom.
Extra on Tanmiah Meals Co.
Based mostly in Saudi Arabia, Tanmiah Meals Co. is among the many largest poultry firms within the Center East, in keeping with WATTPoultry.com’s High Poultry Corporations survey. This supply places the corporate’s annual slaughterings at slightly below 122 million chickens, which locations Tanmiah seventh within the regional rankings.
U.S.-based quick meals firm Popeyes Louisiana Kitchen (Popeyes) has lately reported fast growth within the quantity of retailers in nations outdoors its base. With annual gross sales now surpassing the US$1-billion mark, Popeyes highlights latest strikes into Kuwait and Bahrain as key drivers for this growth. Opening of those two Center Jap markets is the results of a new settlement between Popeyes and Tanmiah Meals Co.
Earlier this month, Tanmiah Meals Co. agreed two Shariah-compliant loans totaling SAR320 million with totally different banks. The corporate reviews these can be used to assist sustainable development and improvement for its subsidiaries, Agricultural Improvement Firm (ADC) and Desert Hills Veterinary Providers (DHVS). To fulfill their working capital necessities, the one-year credit score amenities are with Alinma Financial institution (SAR200 million), and the Nationwide Financial institution of Kuwait (SAR120 million).
Tanmiah Meals Firm is the agricultural holding firm for Al-Dabbagh Group, in keeping with the group’s website online. Tanmiah is the dad or mum firm for 3 operations. Of those, ADC produces and distributes recent, frozen and ready-to-cook rooster meat merchandise underneath the model title “Tanmiah.” DHVS produces and distributes animal feeds, day-old broiler chicks and hatching eggs, in addition to promoting animal well being merchandise and livestock gear. Tanmiah Meals’s third subsidiary is Supreme Meals Processing Firm. It produces a spread of added-value and cooked meats from two factories in Saudi Arabia, and Good Meals Manufacturing unit, which is situated within the United Arab Emirates.
