Horizon Food profit jumps 10% to SAR 10.2M in 2024; H2 at SAR 5.7M

Horizon Food Co.’s net earnings climbed by 10% to SAR 10.2 million in 2024, from SAR 9.2 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	55.12	67.94	23.3 %
Gross Income	16.48	21.77	32.1 %
Operating Income	9.28	10.72	15.5 %
Net Income	9.25	10.17	10.0 %
Average Shares	8.00	8.00	-
Earnings Per Share before unusual items	0.87	1.27	46.3 %
EPS (Riyals)	1.16	1.27	10.0 %

The annual profit increase was attributed to the 23% sales growth to SAR 67.9 million in 2024, compared to SAR 55.1 million in 2023.

This came thanks to the improved overall performance and the elevated demand for the company’s products. This is besides the expanded customer base, enhanced product quality, and the roll-out of a new product.

The 2024 sales were also lifted by Horizon Food’s expanded geographical foothold, with operating profit soaring 16% year-on-year (YoY) to SAR 10.7 million by year-end, driven by the elevated production efficiency and operational processes.

In H2 2024, the company posted net earnings of SAR 5.73 million, down 13.7% from SAR 6.64 million a year earlier.

However, the six-month bottom line surged 29.1% from SAR 4.44 million in H1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	28.79	37.81	31.4 %
Gross Income	8.59	12.36	43.9 %
Operating Income	6.61	6.23	(5.8 %)
Net Income	6.64	5.73	(13.7 %)
Average Shares	8.00	8.00	-
Earnings Per Share before unusual items	0.54	0.72	32.1 %
EPS (Riyals)	0.83	0.72	(13.7 %)

Shareholders’ equity, no minority interest, grew to SAR 112.16 million by the end of 2024, compared to SAR 102.35 million a year earlier.

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Share Price

Horizon Food Co. (HORIZON FOOD)

	Current
Market Cap (M Riyal)	304.00
Enterprise Value (EV) (M)	300.43
Shares Outstanding ((M))	8.00
Book Value (BV) ( Riyal)	14.02
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	29.89
Price/book	2.71

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	27.24	-	7.85	-	3.35	-
Q1 2021	-	-	-	-	-	-
Q2 2021	22.11	-	6.93	-	3.73	-
Q3 2021	-	-	-	-	-	-
Q4 2021	31.64	-	9.76	-	6.62	-
2021	53.75	97.3 %	16.69	112.8 %	10.36	209.0 %
Q1 2022	-	-	-	-	-	-
Q2 2022	35.70	61.5 %	8.64	24.7 %	4.96	32.8 %
Q3 2022	-	-	-	-	-	-
Q4 2022	30.96	(2.2 %)	10.66	9.2 %	4.17	(37.1 %)
2022	66.65	24.0 %	19.30	15.6 %	9.13	(11.9 %)
Q1 2023	-	-	-	-	-	-
Q2 2023	26.33	(26.2 %)	7.88	(8.8 %)	2.67	(46.1 %)
Q3 2023	-	-	-	-	-	-
Q4 2023	28.79	(7.0 %)	8.59	(19.4 %)	6.61	58.6 %
2023	55.12	(17.3 %)	16.48	(14.6 %)	9.28	1.7 %
Q1 2024	-	-	-	-	-	-
Q2 2024	30.13	14.4 %	9.40	19.3 %	4.50	68.4 %
Q3 2024	-	-	-	-	-	-
Q4 2024	37.81	31.4 %	12.36	43.9 %	6.23	(5.8 %)
2024	67.94	23.3 %	21.77	32.1 %	10.72	15.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	27.24	-	7.85	-	3.35	-
2021	53.75	97.3 %	16.69	112.8 %	10.36	209.0 %
2022	66.65	24.0 %	19.30	15.6 %	9.13	(11.9 %)
2023	55.12	(17.3 %)	16.48	(14.6 %)	9.28	1.7 %
2024	67.94	23.3 %	21.77	32.1 %	10.72	15.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	3.29	-	1.06	-	3.29	1.06
Q1 2021	-	-	-	-	-	-
Q2 2021	3.62	-	1.17	-	3.62	1.17
Q3 2021	-	-	-	-	-	-
Q4 2021	6.54	-	0.82	-	6.54	0.82
2021	10.17	209.4 %	1.27	-	10.17	1.27
Q1 2022	-	-	-	-	-	-
Q2 2022	4.68	29.2 %	0.59	-	4.68	0.59
Q3 2022	-	-	-	-	-	-
Q4 2022	4.21	(35.7 %)	0.53	-	4.21	0.53
2022	8.89	(12.6 %)	1.11	-	8.89	1.11
Q1 2023	-	-	-	-	-	-
Q2 2023	2.61	(44.2 %)	0.33	-	2.61	0.33
Q3 2023	-	-	-	-	-	-
Q4 2023	6.64	57.8 %	0.83	2.30	4.34	0.54
2023	9.25	4.1 %	1.16	2.30	6.95	0.87
Q1 2024	-	-	-	-	-	-
Q2 2024	4.44	70.1 %	0.55	-	4.44	0.55
Q3 2024	-	-	-	-	-	-
Q4 2024	5.73	(13.7 %)	0.72	-	5.73	0.72
2024	10.17	10.0 %	1.27	-	10.17	1.27

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	3.29	-	1.06	-	3.29	1.06
2021	10.17	209.4 %	1.27	-	10.17	1.27
2022	8.89	(12.6 %)	1.11	-	8.89	1.11
2023	9.25	4.1 %	1.16	2.30	6.95	0.87
2024	10.17	10.0 %	1.27	-	10.17	1.27

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	28.80 %	18.06 %	12.06 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	31.06 %	23.18 %	18.91 %
2021	31.06 %	23.18 %	18.91 %
Q1 2022	-	-	-
Q2 2022	27.33 %	21.14 %	16.67 %
Q3 2022	-	-	-
Q4 2022	28.95 %	18.50 %	13.33 %
2022	28.95 %	18.50 %	13.33 %
Q1 2023	-	-	-
Q2 2023	32.36 %	18.38 %	11.90 %
Q3 2023	-	-	-
Q4 2023	29.89 %	22.90 %	12.61 %
2023	29.89 %	22.90 %	12.61 %
Q1 2024	-	-	-
Q2 2024	30.55 %	23.96 %	14.90 %
Q3 2024	-	-	-
Q4 2024	32.04 %	20.35 %	14.97 %
2024	32.04 %	20.35 %	14.97 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	28.80 %	18.06 %	12.06 %
2021	31.06 %	23.18 %	18.91 %
2022	28.95 %	18.50 %	13.33 %
2023	29.89 %	22.90 %	12.61 %
2024	32.04 %	20.35 %	14.97 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	31.35 %	20.67 %	16.39 %
Q3 2021	-	-	-
Q4 2021	30.85 %	24.94 %	20.67 %
Q1 2022	-	-	-
Q2 2022	24.21 %	17.77 %	13.11 %
Q3 2022	-	-	-
Q4 2022	34.42 %	19.34 %	13.59 %
Q1 2023	-	-	-
Q2 2023	29.93 %	17.24 %	9.91 %
Q3 2023	-	-	-
Q4 2023	29.85 %	28.08 %	15.07 %
Q1 2024	-	-	-
Q2 2024	31.22 %	20.02 %	14.73 %
Q3 2024	-	-	-
Q4 2024	32.70 %	20.61 %	15.16 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	3.11	-	-	9.13
Q3 2021	-	-	-	-
Q4 2021	8.00	1.27	1.27	10.53
Q1 2022	-	-	-	-
Q2 2022	8.00	1.40	1.40	11.11
Q3 2022	-	-	-	-
Q4 2022	8.00	1.11	1.11	11.63
Q1 2023	-	-	-	-
Q2 2023	8.00	0.85	0.85	11.96
Q3 2023	-	-	-	-
Q4 2023	8.00	1.16	0.87	12.79
Q1 2024	-	-	-	-
Q2 2024	8.00	1.38	1.10	13.35
Q3 2024	-	-	-	-
Q4 2024	8.00	1.27	1.27	14.02

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	3.11	1.06	1.06	8.46
2021	8.00	1.27	1.27	10.53
2022	8.00	1.11	1.11	11.63
2023	8.00	1.16	0.87	12.79
2024	8.00	1.27	1.27	14.02

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	66.90	66.90	4.77
Q3 2023	-	-	-
Q4 2023	55.10	73.33	4.98
Q1 2024	-	-	-
Q2 2024	35.68	45.02	3.70
Q3 2024	-	-	-
Q4 2024	29.89	29.89	2.71

Period	P/E	Adjusted P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	55.10	73.33	4.98
2024	29.89	29.89	2.71

Business Segments (Million)

Compared With The

Period	Chicken shawarma sales	Meat shawarma sales	Doner Kebab Sales	Soft chicken sales	Chicken and stewed meat sales
Q2 2023	21.19	4.63	0.51	-	-
Q4 2023	22.94	5.58	0.27	-	-
Q2 2024	25.08	4.78	0.27	-	-
Q4 2024	30.84	5.25	0.63	-	-

Period	Chicken shawarma sales	Meat shawarma sales	Doner Kebab Sales	Soft chicken sales	Chicken and stewed meat sales
2022	55.29	8.94	2.43	-	-
2023	44.13	10.22	0.77	-	-
2024	55.91	10.03	0.90	1.03	0.06

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Horizon Food profit jumps 10% to SAR 10.2M in 2024; H2 at SAR 5.7M

Financials (M)

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Horizon Food Co. (HORIZON FOOD)

Financial Ratios

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Financial results (Million)

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Profit Performance (Million)

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Horizon Food profit jumps 10% to SAR 10.2M in 2024; H2 at SAR 5.7M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Horizon Food Co. (HORIZON FOOD)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2024

Revenue by Business Segment (Latest) 2024 Q4

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