Tanmiah Food Company — an outside-in read
Prepared privately for Syed Zulfiqar Hamadani · from public disclosures only
H1 2026 revenue rose to SAR m and EBITDA to SAR m, with the EBITDA margin up percentage points to .
In the second quarter alone, net profit attributable to shareholders was SAR m against SAR m a year earlier. Net profit attributable for the half was SAR m, down , because the charges below EBITDA are still growing — and that is the same arithmetic that explains FY2025.
The round trip, quarter by quarter
The two 2026 quarters sum to SAR 17.9m as printed; the half-year is SAR m as Tanmiah reports it. All three are the company's own figures at one decimal place, and the difference is rounding, not a discrepancy.
Four steady quarters, a collapse through 2025 to a trough of SAR m of losses, and a recovery to SAR m — just above where 2025 began, and within SAR 2m of 2024's weakest quarter.
Where a published rate differs from arithmetic on the same disclosed figures, this briefing shows the arithmetic and says so.
Rates on this page are computed from the figures the documents publish. Where the company states a rate that differs within a rounding step, the difference is precision, not disagreement, and the company's figure is shown on tap.
Tap any figure for its source and page. Data as at 2026-08-12 · updated 2026-08-16.
The round trip, and where the profit went
Revenue has grown every year since FY2021, × on the restated basis. EBITDA margin rose to in FY2024, gave back points in FY2025, and is recovering: in H1 2026 against a year earlier, and in Q2 alone.
The path is not a clean rise. EBITDA margin ran 7.5% in FY2021 and 12.8% in FY2022, stepped back to 12.5% in FY2023, reached 14.1% in FY2024, then gave back points to 11.8% in FY2025.
In H1 2025 EBITDA rose SAR m, while depreciation and amortisation rose SAR m ( → ) and finance costs SAR m ( → ). Net profit attributable fell SAR m, down .
Shown as 9.4%, computed from the figures TAN-H1-25-ER publishes; that document states 9.5%.
In H1 2026 EBITDA rose SAR m, against depreciation and amortisation up SAR m ( → ) and finance costs up SAR m ( → ). Net profit attributable fell SAR m — the charges are still growing, but EBITDA growth has nearly caught them.
Q1 2026: revenue SAR m, up ; EBITDA margin against ; and a net loss attributable to shareholders of SAR m, against a profit of SAR m a year earlier. Total net profit for the quarter was positive at SAR m — the difference is non-controlling interests of SAR m.
Volume grew in every period of 2025 and accelerated through it — at the half year, at nine months, for the full year — and grew again in H1 2026, to million birds.
Shown as 9.6%, computed from the figures TAN-H1-25-ER publishes; that document states 10.0%.
FY2021 is restated. The further-processing business became discontinued operations, reducing reported revenue from SAR m to SAR m and EBITDA from SAR m to SAR 90.9m; this page uses the restated basis throughout. The multiple of × is measured on that basis — against the originally reported base it would be ×, and the difference between the two is that disposal, not trading. FY2022 net profit attributable includes a one-off gain of SAR m from the Tyson transaction; Tanmiah's FY2022 release states that the business concerned is presented as discontinued operations, so the gain sits inside the attributable profit shown here and outside the margin path above.
Margin, and where it moved
Of the five listed operators examined here, the three Saudi ones lost margin in FY2025 and the two international partners gained it. Each is shown on its own measure; no two of these margins are the same measurement.
Tyson’s financial year ended 27 September, three months out of phase with the others. Almarai’s and Entaj’s margins are calculated here, not published as margins. Tanmiah’s and MHP’s measures are both company-adjusted, by different definitions. MHP states whole percentage points only.
Tyson's Chicken operating margin rose from to . Its annual report attributes the improvement to improved operational execution, improved volumes and approximately USD m of net decreases in feed ingredient costs, partially offset by higher marketing and promotion expense. Its published volume and price movements are and .
Shown as originally reported for FY2025. Tyson changed how it reports segments from the first quarter of its 2026 financial year: five segments rather than four, and corporate expenses and amortisation are no longer charged to them. On the new basis, FY2025 Chicken margin is and FY2024 is . Anyone comparing this row with Tyson's current filings will see a different number, and the difference is that change of basis, not a change in the business.
The market around it
Saudi poultry self-sufficiency reached in 2024, up from . Per-capita supply available for consumption rose from kg to kg. Roughly a third of chicken meat consumed is imported. The fresh market is fragmented; the frozen market is not.
About of chicken meat consumed in the Kingdom is imported, measured as imports against consumption.
In fresh poultry, seven named operators hold of volume, the largest at , with unnamed. In frozen, one operator holds approximately . The study's own figures total , and are shown as published rather than adjusted to 100.
Brazilian chicken exports to Saudi Arabia rose in 2025, to tonnes. Inside that total the mix moved sharply, and in opposite directions. Whole birds fell in both years — tonnes in 2023, in 2024, in 2025. Cuts rose in both — tonnes in 2023, in 2024, then in 2025, up on the year.
Tanmiah's FY2025 commentary attributes margin compression to an oversupply of imported frozen product. Almarai's Chief Financial Officer describes the same near-term excess supply, particularly in frozen, tightening pricing. The import figures are consistent with pressure on pricing, and they also show imported whole-bird volume falling in both of the last two years — so they do not establish the direction of cause, and this section does not claim they do.
Where the public record stops
Everything above came from published documents. These questions did not have answers there.
1 · The price, volume and mix split
Tyson publishes its revenue change split into volume and price — Chicken FY2025 was volume and price . Tanmiah's disclosures give revenue and bird volumes, but not the split. Volume grew in every period of FY2025 and again in H1 2026, while margin first compressed and is now recovering. What moved the revenue line, and how much of the swing was price, mix, or cost?
2 · Where the margin sits inside the estate
Group and segment margins are published. As at 30 June 2026 the estate is farms, hatcheries, feed mills and primary processing plants, with further-processing plants operated through joint ventures — but none of them is reported individually. Which sites carry the margin, and which dilute it?
3 · The economics between Fresh Poultry and Restaurant Operations
Both are disclosed segments. Restaurant Operations revenue grew in H1 2026 to SAR m. The transfer economics between the two — what the restaurant business costs the poultry business, and what it returns — are not visible from outside.
4 · Feed cost pass-through timing
Feed is the dominant input cost in Saudi broiler production. The lag between feed cost movements and realised pricing is not observable in the public record, and it is where a squeeze either bites or does not. Tyson attributes roughly USD m of its own improvement to feed ingredient costs; nothing comparable is disclosed here.
5 · How the internal priorities are set, and where the stated enablers would bite
Four facts sit together in the public record. Authority to purchase the company's own shares was added to the Articles at the Extraordinary General Assembly of 16 June 2026. A SAR m capacity build, board-approved 31 October 2024, runs to December 2026, with financial impact from January 2027. FY2026's stated focus is efficiency, with no planned reductions in production. And automation and modernised enterprise systems are named among the 2026 enablers. The record shows what has been committed. It cannot show how the calls on cash are sequenced against one another, nor where the stated enablers would actually apply — days to close, or how much effort sits between a farm and a board pack.
6 · What the changing import mix means at the bird level, and who is arriving in fresh
Imported whole-bird volume from Brazil fell in both 2024 and 2025 while cuts rose sharply — the mix rotating away from the product closest to Tanmiah's own output. And the operator holding approximately of the frozen market by volume is building capacity inside the Kingdom: BRF Arabia Holding Company, BRF and Halal Products Development Company, a Public Investment Fund subsidiary, took of Addoha Poultry Company in January 2025 for SAR m, and has committed USD m to a roughly -tonne processed-foods plant in Jeddah due to begin operations in 2026. What the record cannot show is the effect: what the mix rotation has done to realised price per bird as against price per kilogram of cuts, and how a domestic fresh incumbent reads a frozen importer building local capacity.
Public data ends here; the rest sits behind the disclosures. If any two of these questions are worth twenty minutes, tell me which and I'll fit around your diary — and if this is more useful to someone on your team, the page is yours to forward.
Sources
- ABPA Annual Report 2026 (English), covering 2025 — Associacao Brasileira de Proteina Animal, 2026-04-28.
- ABPA Annual Report 2025 (English), covering 2024 — Associacao Brasileira de Proteina Animal, 2025-04-30.
- BRF: completion of the acquisition of 26% of Addoha Poultry Company — BRF S.A. press room, 2025-01-14.
- BRF and HPDC announce a new processed-foods plant in Jeddah — BRF S.A. press room, 2025-04-21.
- Entaj IPO Prospectus (CMA copy, final priced version) — Capital Market Authority / Entaj, 2025-02-01.
- GASTAT Food Security Statistics 2024 — General Authority for Statistics, 2025-12-11.
- Tanmiah: contract for construction of 100 broiler houses — Tanmiah Food Company via Saudi Exchange, 2025-01-07.
- Tanmiah FY 2021 Earnings Release — Tanmiah IR, 2022-02-13.
- Tanmiah FY 2022 Earnings Release — Tanmiah IR, 2023-02-12.
- Tanmiah FY 2025 Earnings Release — Tanmiah IR, 2026-02-15.
- Tanmiah H1 2025 Earnings Release — Tanmiah IR, 2025-08-10.
- Tanmiah interim condensed consolidated financial statements, six months to 30 June 2025 — Tanmiah Food Company (reviewed by Deloitte and Touche & Co.), 2025-08-11.
- Tanmiah H1/Q2 2026 Earnings Release — Tanmiah IR, 2026-08-09.
- Tanmiah interim condensed consolidated financial statements, six months to 30 June 2026 — Tanmiah Food Company (reviewed by PricewaterhouseCoopers), 2026-08-12.
- Tanmiah Q1 2025 Earnings Release — Tanmiah IR, 2025-05-15.
- Tanmiah Q1 2026 Earnings Release — Tanmiah IR, 2026-05-10.
- Tanmiah 9M / Q3 2025 Earnings Release — Tanmiah IR, 2025-11-09.
- Tyson Foods Form 8-K (9 June 2026), Exhibit 99.1 — recast FY2025 Form 10-K Items 7 and 8 — Tyson Foods via SEC EDGAR, 2026-06-09.
- Tyson Foods Q4 and FY2025 results — Tyson Foods via GlobeNewswire, 2025-11-10.
- Tyson Foods Annual Report on Form 10-K, fiscal 2025 — Tyson Foods via SEC EDGAR, 2025-11-10.
- USDA PSD Online — Saudi Arabia chicken meat — USDA Foreign Agricultural Service, 2026-07-01.
189 figures, each traced to a published source and page. 46 have a second line of evidence — 23 checked against other figures by arithmetic, 12 confirmed by a second published document, 11 both. 143 are traced to one published source. 6 rates are shown as the company states them, because public data cannot independently recompute them. 25 statements: 18 company quotations checked word for word against the document they come from, and 7 claims of ours tied to the figures they cite. Sources last checked for newer publications: 2026-08-16. Last rebuilt: 2026-08-16.