On 2026-08-09 08:19:35 (Saudi Time), Tanmiah Food Co. announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ending 30 June 2026 (H1 2026), Tanmiah Food Co. reported a 14.608% YoY increase in revenues to SAR 1,520.4 million, driven by a 13.9% YoY rise in Fresh Poultry revenue (supported by higher volumes of 85.5 million birds, improved average selling prices, and active product/channel mix management across domestic and export markets including Kuwait, Bahrain, UAE, and Qatar), a 10.8% YoY growth in Animal Feed and Health Products to SAR 277.9 million, and a 31.8% YoY increase in Restaurant Operations revenue to SAR 125.7 million on stronger like-for-like sales and progress in the Popeyes® turnaround. Despite the top-line growth, net profit attributable to shareholders declined 8.247% YoY to SAR 17.8 million from SAR 19.4 million in H1 2025, as Agribusiness net profit fell 25.4% YoY to SAR 35.6 million and was partially offset by a narrowed net loss of SAR 17.8 million in Restaurant Operations (improved 37.2% YoY), with the overall decline driven by higher financing and ramp-up costs associated with the expansion program, together with increased feed input, logistics, insurance, and selling and distribution costs.

Quarter-on-Quarter Performance Drivers

QoQ revenue rose 7.9% to SAR 789.2 million in Q2 2026 (from SAR 731.2 million in Q1 2026), driven by 8.4% growth in Agribusiness — particularly Animal Feed and Health Products (+36.7% QoQ) — alongside continued revenue growth in Restaurant Operations supported by marketing efforts. Net profit attributable to shareholders swung to SAR 19.0 million from a net loss of SAR 1.1 million in Q1 2026, reflecting higher revenues across all segments, improved poultry pricing, and an enhanced product/channel mix underpinned by greater operating leverage across the expanded asset base. These gains were partially offset by higher input, logistics, insurance, selling, and distribution costs, while Restaurant Operations significantly trimmed its losses as the Popeyes® turnaround progressed through commercial and operational excellence initiatives.

Other Items

The external auditor issued an unmodified conclusion with no additional comments, reservations, or other matters noted. Certain comparative figures for the period ended 30 June 2025 have been restated to conform to the current period presentation. Total shareholders' equity (after deducting minority equity) stood at SAR 633.2 million as of 30 June 2026, compared to SAR 656.6 million in the same period of the prior year, a decline of 3.563%. Earnings per share for H1 2026 were SAR 0.89, compared to SAR 0.97 in H1 2025. No material risks related to going concern, debt default, or accumulated losses as a percentage of capital were disclosed in the announcement.

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