Financial Results : Jarir’s net profit rises 18.5% in 9M 2017

Jarir’s net profit rises 18.5% in 9M 2017

09/10/2017 Argaam Exclusive

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Jarir Marketing Co. reported a net profit of SAR 615.7 million for the first nine months of 2017, up 18.54 percent year-on-year (YoY) on an increase in sales of retail electronics, higher wholesales, and lower non-operating expenses.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 4,329.10 4,941.55 14.1 %
Gross Income 630.46 730.82 15.9 %
Operating Income 497.94 588.58 18.2 %
Net Income 519.36 615.73 18.6 %
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.43 0.51 18.6 %

Net profit in the third quarter rose around 13 percent YoY to SAR 246.5 million, mainly due to higher sales from an increased number of showrooms, improved profit margins, and rebates from vendors.

 

Q3 net profit increased about 67 percent compared to the previous quarter, attributed to an increase in sales, higher profit margins, and lower selling distribution, general and administration expenses. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 1,520.93 1,651.79 8.6 %
Gross Income 252.93 290.72 14.9 %
Operating Income 215.03 242.42 12.7 %
Net Income 217.92 246.53 13.1 %
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.18 0.21 13.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 597.65 39.5 % 120.72 35.7 % 100.27 26.7 %
Q2 2008 617.40 56.5 % 91.47 31.7 % 69.92 25.8 %
Q3 2008 636.72 33.3 % 109.92 8.6 % 92.35 3.4 %
Q4 2008 668.15 51.7 % 112.89 56.0 % 86.68 64.1 %
Q1 2009 662.06 10.8 % 126.50 4.8 % 106.61 6.3 %
Q2 2009 572.96 (7.2 %) 102.47 12.0 % 79.43 13.6 %
Q3 2009 595.80 (6.4 %) 120.53 9.7 % 94.16 2.0 %
Q4 2009 724.48 8.4 % 136.87 21.2 % 104.26 20.3 %
Q1 2010 795.47 20.2 % 142.97 13.0 % 117.54 10.3 %
Q2 2010 671.97 17.3 % 98.82 (3.6 %) 74.74 (5.9 %)
Q3 2010 735.32 23.4 % 126.84 5.2 % 102.63 9.0 %
Q4 2010 811.80 12.1 % 132.95 (2.9 %) 100.77 (3.3 %)
Q1 2011 945.63 18.9 % 162.68 13.8 % 135.53 15.3 %
Q2 2011 968.26 44.1 % 127.80 29.3 % 97.22 30.1 %
Q3 2011 1,208.91 64.4 % 183.99 45.1 % 150.90 47.0 %
Q4 2011 1,024.52 26.2 % 159.15 19.7 % 122.89 21.9 %
Q1 2012 1,196.21 26.5 % 190.19 16.9 % 160.77 18.6 %
Q2 2012 1,065.83 10.1 % 137.29 7.4 % 106.17 9.2 %
Q3 2012 1,189.84 (1.6 %) 193.39 5.1 % 160.05 6.1 %
Q4 2012 1,182.34 15.4 % 173.24 8.9 % 135.00 9.9 %
Q1 2013 1,329.98 11.2 % 210.75 10.8 % 179.70 11.8 %
Q2 2013 1,258.28 18.1 % 163.93 19.4 % 127.32 19.9 %
Q3 2013 1,334.15 12.1 % 218.87 13.2 % 184.54 15.3 %
Q4 2013 1,320.26 11.7 % 200.80 15.9 % 156.49 15.9 %
Q1 2014 1,398.85 5.2 % 235.05 11.5 % 199.92 11.3 %
Q2 2014 1,289.43 2.5 % 173.66 5.9 % 133.31 4.7 %
Q3 2014 1,426.25 6.9 % 237.37 8.5 % 201.05 9.0 %
Q4 2014 1,584.20 20.0 % 240.39 19.7 % 192.53 23.0 %
Q1 2015 1,909.51 36.5 % 283.51 20.6 % 243.11 21.6 %
Q2 2015 1,405.76 9.0 % 191.37 10.2 % 151.70 13.8 %
Q3 2015 1,536.06 7.7 % 253.41 6.8 % 215.98 7.4 %
Q4 2015 1,524.05 (3.8 %) 243.74 1.4 % 197.91 2.8 %
Q1 2016 1,417.43 (25.8 %) 214.77 (24.2 %) 166.73 (31.4 %)
Q2 2016 1,390.74 (1.1 %) 162.76 (15.0 %) 116.18 (23.4 %)
Q3 2016 1,520.93 (1.0 %) 252.93 (0.2 %) 215.03 (0.4 %)
Q4 2016 1,793.46 17.7 % 244.80 0.4 % 210.11 6.2 %
Q1 2017 1,704.95 20.3 % 247.38 15.2 % 212.94 27.7 %
Q2 2017 1,584.80 14.0 % 192.72 18.4 % 133.22 14.7 %
Q3 2017 1,651.79 8.6 % 290.72 14.9 % 242.42 12.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 97.11 21.3 % 0.08 - 97.11 0.08
Q2 2008 67.08 23.4 % 0.06 - 67.08 0.06
Q3 2008 88.40 1.0 % 0.07 - 88.40 0.07
Q4 2008 80.18 47.6 % 0.07 - 80.18 0.07
Q1 2009 107.45 10.6 % 0.09 - 107.45 0.09
Q2 2009 72.41 8.0 % 0.06 - 72.41 0.06
Q3 2009 90.64 2.5 % 0.08 - 90.64 0.08
Q4 2009 103.47 29.0 % 0.09 - 103.47 0.09
Q1 2010 118.49 10.3 % 0.10 - 118.49 0.10
Q2 2010 75.77 4.6 % 0.06 - 75.77 0.06
Q3 2010 102.87 13.5 % 0.09 - 102.87 0.09
Q4 2010 103.62 0.1 % 0.09 - 103.62 0.09
Q1 2011 136.77 15.4 % 0.11 - 136.77 0.11
Q2 2011 98.52 30.0 % 0.08 - 98.52 0.08
Q3 2011 152.88 48.6 % 0.13 - 152.88 0.13
Q4 2011 124.82 20.5 % 0.10 - 124.82 0.10
Q1 2012 164.23 20.1 % 0.14 - 164.23 0.14
Q2 2012 106.98 8.6 % 0.09 - 106.98 0.09
Q3 2012 160.71 5.1 % 0.13 - 160.71 0.13
Q4 2012 137.91 10.5 % 0.11 - 137.91 0.11
Q1 2013 180.84 10.1 % 0.15 - 180.84 0.15
Q2 2013 126.22 18.0 % 0.11 - 126.22 0.11
Q3 2013 186.19 15.9 % 0.16 - 186.19 0.16
Q4 2013 160.03 16.0 % 0.13 - 160.03 0.13
Q1 2014 201.33 11.3 % 0.17 - 201.33 0.17
Q2 2014 135.23 7.1 % 0.11 - 135.23 0.11
Q3 2014 203.00 9.0 % 0.17 - 203.00 0.17
Q4 2014 205.81 28.6 % 0.17 - 205.81 0.17
Q1 2015 247.02 22.7 % 0.21 - 247.02 0.21
Q2 2015 154.86 14.5 % 0.13 - 154.86 0.13
Q3 2015 218.50 7.6 % 0.18 - 218.50 0.18
Q4 2015 208.09 1.1 % 0.17 - 208.09 0.17
Q1 2016 174.96 (29.2 %) 0.15 - 174.96 0.15
Q2 2016 126.48 (18.3 %) 0.11 - 126.48 0.11
Q3 2016 217.92 (0.3 %) 0.18 (4.00) 221.92 0.18
Q4 2016 215.32 3.5 % 0.18 - 215.32 0.18
Q1 2017 221.44 26.6 % 0.18 - 221.44 0.18
Q2 2017 147.76 16.8 % 0.12 7.40 140.36 0.12
Q3 2017 246.53 13.1 % 0.21 - 246.53 0.21

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 19.04 % 16.32 % 15.35 %
Q2 2008 18.08 % 15.30 % 14.34 %
Q3 2008 17.21 % 14.37 % 13.39 %
Q4 2008 17.26 % 14.42 % 13.21 %
Q1 2009 17.06 % 14.32 % 13.28 %
Q2 2009 17.79 % 14.97 % 13.72 %
Q3 2009 18.50 % 15.33 % 14.03 %
Q4 2009 19.03 % 15.78 % 14.64 %
Q1 2010 18.70 % 15.42 % 14.32 %
Q2 2010 17.91 % 14.74 % 13.93 %
Q3 2010 17.27 % 14.34 % 13.68 %
Q4 2010 16.64 % 13.78 % 13.29 %
Q1 2011 16.47 % 13.70 % 13.24 %
Q2 2011 15.90 % 13.17 % 12.76 %
Q3 2011 15.44 % 12.82 % 12.50 %
Q4 2011 15.28 % 12.72 % 12.37 %
Q1 2012 15.03 % 12.57 % 12.29 %
Q2 2012 14.92 % 12.52 % 12.21 %
Q3 2012 15.19 % 12.79 % 12.44 %
Q4 2012 14.98 % 12.59 % 12.30 %
Q1 2013 14.99 % 12.66 % 12.30 %
Q2 2013 14.94 % 12.59 % 12.21 %
Q3 2013 15.02 % 12.69 % 12.36 %
Q4 2013 15.15 % 12.70 % 12.46 %
Q1 2014 15.41 % 12.97 % 12.68 %
Q2 2014 15.51 % 13.03 % 12.78 %
Q3 2014 15.58 % 13.14 % 12.87 %
Q4 2014 15.56 % 13.18 % 13.08 %
Q1 2015 15.06 % 12.79 % 12.74 %
Q2 2015 15.06 % 12.84 % 12.82 %
Q3 2015 15.05 % 12.90 % 12.84 %
Q4 2015 15.25 % 13.19 % 12.99 %
Q1 2016 15.35 % 13.10 % 12.86 %
Q2 2016 14.91 % 12.59 % 12.41 %
Q3 2016 14.94 % 12.65 % 12.50 %
Q4 2016 14.30 % 12.26 % 12.07 %
Q1 2017 14.16 % 12.40 % 12.25 %
Q2 2017 14.20 % 12.33 % 12.10 %
Q3 2017 14.49 % 12.50 % 12.23 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 1,200.00 0.24 0.24 0.49
Q2 2008 1,200.00 0.26 0.26 0.55
Q3 2008 1,200.00 0.26 0.26 0.51
Q4 2008 1,200.00 0.28 0.28 0.57
Q1 2009 1,200.00 0.29 0.29 0.55
Q2 2009 1,200.00 0.29 0.29 0.55
Q3 2009 1,200.00 0.29 0.29 0.57
Q4 2009 1,200.00 0.31 0.31 0.60
Q1 2010 1,200.00 0.32 0.32 0.62
Q2 2010 1,200.00 0.32 0.32 0.61
Q3 2010 1,200.00 0.33 0.33 0.64
Q4 2010 1,200.00 0.33 0.33 0.66
Q1 2011 1,200.00 0.35 0.35 0.71
Q2 2011 1,200.00 0.37 0.37 0.70
Q3 2011 1,200.00 0.41 0.41 0.76
Q4 2011 1,200.00 0.43 0.43 0.76
Q1 2012 1,200.00 0.45 0.45 0.81
Q2 2012 1,200.00 0.46 0.46 0.79
Q3 2012 1,200.00 0.46 0.46 0.86
Q4 2012 1,200.00 0.47 0.47 0.86
Q1 2013 1,200.00 0.49 0.49 0.91
Q2 2013 1,200.00 0.50 0.50 0.90
Q3 2013 1,200.00 0.53 0.53 0.97
Q4 2013 1,200.00 0.54 0.54 0.98
Q1 2014 1,200.00 0.56 0.56 1.04
Q2 2014 1,200.00 0.57 0.57 1.02
Q3 2014 1,200.00 0.58 0.58 1.10
Q4 2014 1,200.00 0.62 0.62 1.13
Q1 2015 1,200.00 0.66 0.66 1.20
Q2 2015 1,200.00 0.68 0.68 1.16
Q3 2015 1,200.00 0.69 0.69 1.23
Q4 2015 1,200.00 0.69 0.69 1.25
Q1 2016 1,200.00 0.63 0.63 1.23
Q2 2016 1,200.00 0.61 0.61 1.23
Q3 2016 1,200.00 0.61 0.61 1.29
Q4 2016 1,200.00 0.61 0.62 1.25
Q1 2017 1,200.00 0.65 0.65 1.27
Q2 2017 1,200.00 0.67 0.67 1.23
Q3 2017 1,200.00 0.69 0.69 1.33

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 16.32 16.32 8.16
Q2 2008 18.29 18.29 8.49
Q3 2008 17.25 17.25 8.73
Q4 2008 15.51 15.51 7.51
Q1 2009 14.84 14.84 7.72
Q2 2009 15.10 15.10 8.01
Q3 2009 15.54 15.54 7.93
Q4 2009 14.31 14.31 7.40
Q1 2010 15.09 15.09 7.75
Q2 2010 16.07 16.07 8.51
Q3 2010 15.88 15.88 8.22
Q4 2010 15.07 15.07 7.57
Q1 2011 13.70 13.70 6.72
Q2 2011 15.96 15.96 8.34
Q3 2011 13.95 13.95 7.48
Q4 2011 16.29 16.29 9.22
Q1 2012 17.10 17.10 9.48
Q2 2012 16.51 16.51 9.54
Q3 2012 16.57 16.57 8.99
Q4 2012 16.35 16.35 9.08
Q1 2013 16.73 16.73 8.95
Q2 2013 19.12 19.12 10.74
Q3 2013 21.98 21.98 11.93
Q4 2013 21.91 21.91 12.20
Q1 2014 27.52 27.52 14.86
Q2 2014 25.93 25.93 14.50
Q3 2014 25.92 25.92 13.78
Q4 2014 22.43 22.43 12.30
Q1 2015 25.01 25.01 13.73
Q2 2015 24.53 24.53 14.28
Q3 2015 19.60 19.60 10.94
Q4 2015 17.37 17.37 9.57
Q1 2016 13.47 13.47 6.90
Q2 2016 14.55 14.55 7.19
Q3 2016 11.47 11.41 5.38
Q4 2016 14.14 14.07 6.91
Q1 2017 15.56 15.48 7.95
Q2 2017 16.44 16.51 8.93
Q3 2017 16.68 16.83 8.70

Business Segments (Million)

Compared With The
Period Retail sector Wholesale sector Other sectors
Q1 2008 501.96 95.69 -
Q2 2008 574.68 42.72 -
Q3 2008 553.83 82.88 -
Q4 2008 600.72 67.43 -
Q1 2009 562.00 100.00 -
Q2 2009 530.00 43.00 -
Q3 2009 501.00 95.00 -
Q4 2009 663.00 61.00 -
Q1 2010 678.00 117.00 -
Q2 2010 627.00 45.00 -
Q3 2010 623.00 113.00 -
Q4 2010 753.00 59.00 -
Q1 2011 827.00 119.00 -
Q2 2011 917.00 51.00 -
Q3 2011 1,067.00 142.00 -
Q4 2011 960.00 64.00 -
Q1 2012 1,070.00 126.00 -
Q2 2012 1,009.00 57.00 -
Q3 2012 1,034.00 156.00 -
Q4 2012 1,092.00 90.00 -
Q1 2013 1,224.00 106.00 -
Q2 2013 1,203.00 55.00 -
Q3 2013 1,173.00 161.00 -
Q4 2013 1,229.00 92.00 -
Q1 2014 1,275.00 124.00 -
Q2 2014 1,230.00 59.00 -
Q3 2014 1,252.00 175.00 -
Q4 2014 1,486.00 98.00 -
Q1 2015 1,783.00 127.00 -
Q2 2015 1,345.00 60.00 -
Q3 2015 1,367.00 169.00 -
Q4 2015 1,397.00 127.00 -
Q1 2016 1,293.00 85.00 39.00
Q2 2016 1,303.00 50.00 38.00
Q3 2016 1,326.00 150.00 45.00
Q4 2016 1,673.00 71.00 50.00
Q1 2017 1,530.00 133.00 42.00
Q2 2017 1,497.00 43.00 45.00
Q3 2017 1,446.00 154.00 52.00

Analysts Estimates (Million)

Item Q3 2017 (e) Q3 2017 (a) Change‬
Average 241.15 246.53 2.23 %

Estimates vs Actual (Million)

Item Q3 2017 (e) Q3 2017 (a) Change
Riyad Capital 247.00 246.53 (0.2) %
SNB Capital 251.00 246.53 (1.8) %
Al Rajhi Capital 240.00 246.53 2.7 %
Albilad Capital 240.00 246.53 2.7 %
AlJazira Capital 237.50 246.53 3.8 %
OSOOL AND BAKHEET 258.70 246.53 (4.7) %
Alistithmar Capital 233.02 246.53 5.8 %
Sico 222.00 246.53 11.1 %


Financial Ratios
Current
Market Cap (M Riyal) 15,264.00
Enterprise Value (EV) (M) 14,953.26
Shares Outstanding ((M)) 1,200.00
EPS ( Riyal) (TTM) 0.81
Book Value (BV) ( Riyal) 1.48
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 15.71
P/E (TTM) 15.71
Price/book 8.58
Return on Average Assets (%) (TTM) 23.5
Return on Average Equity (%) (TTM) 54.3
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Share Price

Jarir Marketing Co.
12.72
(0.04) (0.31 %)

Jarir Marketing Co. (JARIR)

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