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TANMIAH FOOD-
Main market-listed Tanmiah Food saw its net profit decline 59% y-o-y to SAR 76 mn in 2023 as a one-off gain of SAR 102 mn in 2022 from its strategic partnership with Tyson Foods made for a tough comparison. Revenues were up 21% y-o-y to SAR 2.1 bn last year, driven by improved sales driven of fresh poultry and a 3x increase in revenues from its fast food franchise business Popeys. Tanmiah opened 16 new Popeyes outlets in 4Q 2023.
BURGERIZZR-
The bottom line of Nomu-listed burger chain Burgerizzr rose 4.6x y-o-y to SAR 12.3 mn in 2023due to an increase in gross profit margin to 30%, up from 27%, and a rise in average sales per branch, according to a disclosure to Tadawul. The company also delivered good control of food, labor, and administrative expenses.
Burgerizzr saw revenues grow 12% y-o-y to SAR 281 mn last year as sales improved. The restaurant operated 102 branches last year, down from 105 in 2022.
TIHAMA-
Tihama, the advertising, public relations, publishing, and media group, saw its net income decline 54% y-o-y in 9M 2023 to SAR 32 mn on the back of a drop in gross income led by the advertising segment, according to a disclosure to Tadawul. Revenues were down 20.1% y-o-y to SAR 57 mn in the same period, dragged down by the advertising segment.
