TASI and Nomu down; Tanmiah Food Co. leads fallers: Closing bell

RIYADH: The Tanmiah Food Co. reported 18-percent growth in revenue to SR435 million ($116 million) in the first quarter of 2022 from SR368 million during the same period the previous year. 

This positive performance was mainly attributed to growth in both the fresh poultry segment and the further processing segment, the company said in a statement.

The poultry company, which also offers other meat products, animal feed and health products, noted that its performance was bolstered by higher consumer demand and gradually increasing prices in the fresh chicken category.

 “We are excited by the prospect to grow our sales and capacity to capture further opportunities in the market whilst managing costs to support the gradual recovery of our margins,” said Zulfiqar Hamadani, the CEO of Tanmiah.

However, the company’s net income plummeted to SR1.54 million in the first quarter of 2022 from SR18.79 million reported during the same period the previous year. The company attributed the fall to an increase in grain prices and increased spending to fund its expansion plans.

“Our Capex program is now on track, and we delivered significant volume capacity growth during the first quarter, reaching 400,000 birds per day and adding two new farms to our portfolio. We will continue to invest to grow our market share and further enhance our operations,” he added.