For the 2023 monetary 12 months simply ended, Saudi-Arabia primarily based poultry firm Tanmiah Meals Firm experiences a doubling in gross sales income, which it attributed to robust efficiency in contemporary poultry gross sales and its meals franchise.  

For the final fiscal 12 months ending on December 31, Tanmiah Meals Firm experiences a 21% year-on-year enhance in gross sales income to simply below 2.1 billion Saudi Arabian riyal (SAR; US$558 million).

This enchancment the corporate attributed to larger gross sales throughout the group’s core companies. Contemporary poultry was a key driver, it says, whereas there was a three-fold enhance in gross sales by its meals franchise.

Gross revenue was up by 17.8% at SAR494.8 million, and working revenue by 20.7% at SAR136.7million.

In contrast with the earlier fiscal 12 months of SAR186.8 million, the group’s web revenue tumbled to SAR75.9 million. Nonetheless, a one-off achieve of round SAR102 million was included within the outcomes for the 2022 fiscal 12 months. This associated to the corporate’s strategic partnership with Tyson Meals. Moreover, the 12 months simply ended noticed a discount in subsidy pay-out, elevated value stress out there, and continued enlargement of shops for each contemporary poultry and fast service eating places (Popeyes). 

Quarterly income up over 20% year-on-year

Steady enhancements in all enterprise segments have been behind a 20.3% year-on-year rise in general income reported by Tanmiah Meals for the fourth quarter of 2023. Gross sales amounted to SAR576.3 million — up from SAR478.8 million for a similar three-month interval of 2022.

As famous above for the total fiscal 12 months, the one-off fee was behind the reported drop in web revenue for the October-December quarter from SAR123.3 million in 2022 to SAR26.4 million for the quarter simply ended. If this achieve is excluded, web revenue can be up by 23% year-on-year.

For the quarter simply ended, Tanmiah Meals feedback that it achieved larger volumes and improved operational effectivity. Nonetheless, it additionally famous the decrease subsidy pay-out and an aggressive ramping-up in its meals franchise. 

Extra on Tanmiah Meals Firm

With annual slaughterings of greater than 121 million birds, Tanmiah Meals Firm is well among the many 10 largest poultry corporations within the Center East, in response to WATTPoultry.com’s Prime Poultry Firms survey.

One month in the past, the corporate introduced that it had secured credit score for deliberate enlargement.

In accordance with the group’s site, Tanmiah Meals Firm has 3,000 staff working at its 20 branches in seven totally different international locations. The agency makes greater than 6,000 deliveries day by day.

Of the group’s two subsidiaries, the Agricultural Growth Firm Ltd covers the manufacturing of chickens with the model identify “Tanmiah Meals Firm.” Birds are reared domestically in fashionable poultry homes on corn-based feeds. The product portfolio consists of a wide range of halal rooster merchandise — complete and elements, in addition to contemporary, frozen, marinated, and ready-to-cook (RTC).

Tanmiah Meals’s different affiliate is Desert Hills for Veterinary Companies Firm Ltd. It represents worldwide animal well being and tools manufacturers for farmed animals and pets, along with animal feed manufacturing, and gross sales of hatching eggs and day-old chicks.

The group’s restaurant section holds an settlement for a grasp franchise with rooster quick-service restaurant chain Popeyes.

An settlement reached with PLK Europe GmbH late final 12 months will see Tanmiah Meals develop the Popeyes franchise to Bahrain and Kuwait.