• System-wide store count for both Domino’s and Dunkin’ now stands at more than 600 stores covering the MENAP region, an addition of 33 stores in H1 2022
  • Board of Directors approved the distribution of interim dividends amounting to SAR 43 million, to be paid no later than 20 Sep 2022

Riyadh – Alamar Foods (“Alamar” or “The Company”), a leading Quick Service Restaurant (QSR) operator in the Middle East, North Africa, and Pakistan region (MENAP Region) of two globally recognized brands: Domino’s, where Alamar has the exclusive right to develop and operate in 16 countries across MENAP, and Dunkin’, where Alamar has the exclusive right to develop and operate stores as a franchisee in Egypt and Morocco, today announces its results for the first half ending 30th June 2022.

The Company reported solid revenues for the first half of the year, amounting to SAR 526.9 million, a year-on-year increase of 31.2%. Net profits for the period stood at SAR 66.8 million, increasing steadily from SAR 60.9 million for the same period in 2021, despite ongoing macroeconomic challenges and economic headwinds.

Alamar displayed solid performance from its flagship brands, Domino’s and Dunkin’, attributed to strong geographical expansion in international and domestic markets generating meaningful growth to both the top-line and bottom-line. Throughout the period, Alamar’s system-wide[1] store count officially crossed the 600 threshold, with 33 store openings in the first half of 2022 alone. Furthermore, corporate[2] store count reached 450 stores, increasing by an additional 23 throughout the year.

Overall, the healthy improvement to profitability in H1 2022 was underpinned by tight cost control initiatives and impactful gross profit generation that was partially offset by higher commodity prices and non-recurring operating costs incurred in Q2 2022. The Company has improved its liquidity position and ended the six-month period with a 86% increase to Cash Flow from Operating Activities, amounting to SAR 112.3 million, up from SAR 60.4 million in 2021.

Filippo Sgattoni, Chief Executive Officer at Alamar Foods, said: “Alamar has delivered a strong performance throughout the first half of the year, reflecting a reinforced position from which we intend to build upon following our recent IPO. Consistent store growth and geographical expansion have been an important focal point, enabled by a disciplined approach to capital management to effectively manage down costs and facilitate investments in line with Alamar Foods’ strategic vision. In the second half of 2022, our focus will remain firmly on developing further operational efficiencies as part of our wider strategic vision to enhance our Customer Experience proposition and Omnichannel Strategy to pursue growth.”

He added: “Cost inflation for vital commodities remains a key concern, although market trends are beginning to normalize and even reverse in certain instances. For the remainder of the year, we will continue to work with our suppliers by leveraging stock coverage where appropriate to further optimize operational efficiencies. We remain cautiously optimistic towards achieving our targets for revenue and net profit growth at the Group level while enhancing our commitments to expanding our offering both domestically and internationally while driving further value for shareholders and stakeholders.”

The Board of Directors has recommended an interim cash divided equivalent to 1.69 SAR per share for the first half of 2022, amounting to a total of SAR 43 million, to be paid no later than 20th September 2022.

Alamar is a leading Saudi-based QSR operator in the MENAP region of two globally recognized consumer brands: Domino’s, where Alamar has the exclusive right to develop and operate in over 16 countries in the MENAP region, and Dunkin’, where Alamar has the exclusive right to develop and operate stores as a franchisee in Egypt and Morocco, with currently over 600 system-wide stores across 11 countries.

[1] System-wide stores include all operating territories (including sub-franchised markets in Pakistan, Kuwait, Makkah, and Oman)

[2] Corporate stores include operations managed by legal entities controlled by Alamar Foods (excluding sub-franchised markets)