Strategic partnership with Halal Products Development Company
Tanmiah Food Company, a market-leading provider of fresh and processed poultry and other meat products, animal feed and health products, and a foods brand franchise operator in Saudi Arabia, announced its financial results for the first half ending 30 June 2023.
Revenues increased 26.6% year on year (YoY) from SAR 776.7mn to SAR 983.1mn, supported by a 22.2% rise in fresh poultry sales. Gross margin was steady at 23%, while EBITDA of SAR 119.2mn (+45.4% YoY) yielded a margin of 12.1%. Meanwhile, net profit attributable to owners of the company increased 2.2% YoY from SAR 31.7mn to SAR 32.4mn, according to a press communique.
“Tanmiah achieved sustained revenue growth during the first half of 2023, with fresh poultry, animal feed and health, and food franchise operations all charting their upward trajectories. Our position as a prominent industry player, coupled with our collaborative association with globally renowned brands, have bolstered this performance,” remarked Zulfiqar Hamadani, CEO, Tanmiah.
“Our strategic partnership with Halal Products Development Company (HPDC), a subsidiary of the Public Investment Fund, is an exciting step toward reinforcing the Halal industry whilst enhancing its efficiency and innovation,” commented Ahmed Bin Sharf Osilan, Executive Board Member and Managing Director, Tanmiah.
