Riyadh, Saudi Arabia - Tanmiah Food Company, a leading provider of poultry and meat products, animal feed, and food brand franchises, has announced its financial results for the first half ending on June 30, 2023. The company reported a 26.6% year-on-year increase in revenues, reaching SAR 983.1 million, driven by a 22.2% rise in fresh poultry sales. The gross margin remained steady at 23%, while EBITDA surged by 45.4% year-on-year to SAR 119.2 million, yielding a margin of 12.1%. Net profit attributable to the owners increased by 2.2% year-on-year to SAR 32.4 million.
Zulfiqar Hamadani, CEO of Tanmiah, emphasized the sustained revenue growth, particularly in fresh poultry, animal feed, health products, and food franchise operations. He credited their position in the industry and partnerships with globally renowned brands for their performance. Hamadani highlighted the company's commitment to operational excellence and sustainability, which led to notable awards such as being recognized as one of Forbes' Top 10 Innovative Companies in Sustainability.
Ahmed bin Sharf Osilan, Executive Board Member and Managing Director of Tanmiah noted the company's contribution to fortifying the domestic food sector and supporting Saudi Arabia's journey toward becoming a global Halal hub. Osilan mentioned their strategic partnership with Halal Products Development Company (HPDC), a subsidiary of the Public Investment Fund, which aims to reinforce the Halal industry's efficiency and innovation.
Tanmiah's revenues increased across all segments, with fresh poultry sales, animal feed and health products, and food franchise operations all contributing to the growth. The company's strategic initiatives align with Saudi Arabia's Vision 2030 goals and demonstrate Tanmiah's commitment to sustainability and innovation in the food sector.
The company's holistic approach to environmental, economic, and social sustainability is evident through its "Giving, Earning, and Sustaining" model. Tanmiah established an ESG Committee in 2022 to focus on areas aligned with the Kingdom's Vision 2030 and the United Nations' Sustainable Development Goals. They are working towards adopting an international ESG reporting framework to provide meaningful disclosures to stakeholders about their ESG activities.
