Al Othaim’s Q1 net profit rises 12% on higher sales

07/05/2018 Argaam Exclusive

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Abdullah Al Othaim Markets Co. reported a net profit of SAR 67.3 million for the first quarter of 2018, an 11.8 percent year-on-year (YoY) increase on higher sales due to opening new branches and lower cost of finance.

 

Also, the results of Q1 2017 included an incident loss of SAR 3.5 due to a fire at one of its branches. The insurance claim for the fire was collected in Q4 2017.

The Q1 net profit fell 60 percent compared to the previous quarter on lower sales. Also, the previous quarter saw insurance reimbursement of SAR 4.9 million after a fire incident in Q1 2017.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 1,696.23 1,798.26 6.0 %
Gross Income 319.69 341.54 6.8 %
Operating Income 47.29 45.33 (4.1 %)
Net Income 60.15 67.26 11.8 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.07 0.07 11.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 717.56 6.8 % 23.96 (34.7 %) 16.36 (30.4 %) 0.02
Q2 2009 723.85 1.1 % 27.48 14.7 % 19.51 35.0 % 0.02
Q3 2009 861.61 10.3 % 35.33 47.5 % 25.20 77.6 % 0.03
Q4 2009 762.12 13.5 % 51.00 51.9 % 16.46 62.5 % 0.02
Q1 2010 779.56 8.6 % 37.59 56.9 % 31.74 94.1 % 0.04
Q2 2010 821.67 13.5 % 38.46 39.9 % 31.32 60.6 % 0.03
Q3 2010 941.39 9.3 % 42.72 20.9 % 45.87 82.0 % 0.05
Q4 2010 879.81 15.4 % 63.20 23.9 % 53.00 222.0 % 0.06
Q1 2011 934.19 19.8 % 45.06 19.9 % 36.50 15.0 % 0.04
Q2 2011 987.16 20.1 % 43.82 13.9 % 41.10 31.2 % 0.05
Q3 2011 1,096.14 16.4 % 42.42 (0.7 %) 35.99 (21.5 %) 0.04
Q4 2011 925.31 5.2 % 43.73 (30.8 %) 36.48 (31.2 %) 0.04
Q1 2012 976.27 4.5 % 35.50 (21.2 %) 33.86 (7.3 %) 0.04
Q2 2012 1,020.85 3.4 % 286.50 553.8 % 36.76 (10.6 %) 0.04
Q3 2012 1,122.32 2.4 % 184.90 335.9 % 40.68 13.0 % 0.05
Q4 2012 985.76 6.5 % 178.02 307.1 % 60.47 65.8 % 0.07
Q1 2013 1,066.43 9.2 % 164.06 362.2 % 40.81 20.5 % 0.05
Q2 2013 1,161.19 13.7 % 176.39 (38.4 %) 39.73 8.1 % 0.04
Q3 2013 1,193.14 6.3 % 199.41 7.8 % 41.94 3.1 % 0.05
Q4 2013 1,159.21 17.6 % 231.29 29.9 % 70.03 15.8 % 0.08
Q1 2014 1,222.98 14.7 % 204.66 24.7 % 46.47 13.9 % 0.05
Q2 2014 1,511.39 30.2 % 219.39 24.4 % 51.79 30.3 % 0.06
Q3 2014 1,208.79 1.3 % 195.07 (2.2 %) 42.29 0.8 % 0.05
Q4 2014 1,308.74 12.9 % 252.01 9.0 % 74.23 6.0 % 0.08
Q1 2015 1,408.03 15.1 % 212.36 3.8 % 48.89 5.2 % 0.05
Q2 2015 1,725.54 14.2 % 247.99 13.0 % 55.66 7.5 % 0.06
Q3 2015 1,348.87 11.6 % 221.39 13.5 % 37.09 (12.3 %) 0.04
Q4 2015 1,553.36 18.7 % 316.73 25.7 % 89.23 20.2 % 0.10
Q1 2016 1,606.16 14.1 % 265.48 25.0 % 46.62 (4.6 %) 0.05
Q2 2016 1,976.23 14.5 % 312.31 25.9 % 49.76 (10.6 %) 0.06
Q3 2016 1,569.57 16.4 % 271.63 22.7 % 36.19 (2.4 %) 0.04
Q4 2016 1,907.19 22.8 % 362.34 14.4 % 95.50 7.0 % 0.11
Q1 2017 1,696.23 5.6 % 319.69 20.4 % 60.15 29.0 % 0.07
Q2 2017 1,935.88 (2.0 %) 356.38 14.1 % 71.21 43.1 % 0.08
Q3 2017 1,627.85 3.7 % 318.56 17.3 % 150.62 316.2 % 0.17
Q4 2017 1,971.19 3.4 % 444.98 22.8 % 167.52 75.4 % 0.19
Q1 2018 1,798.26 6.0 % 341.54 6.8 % 67.26 11.8 % 0.07

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 3.65 % 0.81 % 1.91 %
Q2 2009 3.77 % 1.02 % 2.08 %
Q3 2009 4.05 % 1.43 % 2.39 %
Q4 2009 4.49 % 2.09 % 3.14 %
Q1 2010 4.84 % 2.51 % 3.57 %
Q2 2010 5.04 % 2.68 % 3.83 %
Q3 2010 5.14 % 2.62 % 4.36 %
Q4 2010 5.32 % 2.88 % 4.73 %
Q1 2011 5.30 % 2.93 % 4.81 %
Q2 2011 5.20 % 2.96 % 4.87 %
Q3 2011 4.99 % 2.67 % 4.43 %
Q4 2011 4.44 % 2.15 % 3.81 %
Q1 2012 4.15 % 1.79 % 3.57 %
Q2 2012 10.16 % 3.03 % 3.41 %
Q3 2012 13.61 % 3.88 % 3.51 %
Q4 2012 16.68 % 4.90 % 4.18 %
Q1 2013 19.39 % 5.62 % 4.26 %
Q2 2013 16.22 % 4.71 % 4.19 %
Q3 2013 16.29 % 4.60 % 4.15 %
Q4 2013 16.84 % 4.65 % 4.20 %
Q1 2014 17.14 % 4.57 % 4.18 %
Q2 2014 16.80 % 4.65 % 4.13 %
Q3 2014 16.67 % 4.66 % 4.13 %
Q4 2014 16.59 % 4.81 % 4.09 %
Q1 2015 16.16 % 4.69 % 3.99 %
Q2 2015 16.06 % 4.53 % 3.91 %
Q3 2015 16.12 % 4.45 % 3.73 %
Q4 2015 16.54 % 4.58 % 3.83 %
Q1 2016 16.87 % 4.62 % 3.81 %
Q2 2016 17.21 % 4.44 % 3.57 %
Q3 2016 17.39 % 4.33 % 3.44 %
Q4 2016 17.17 % 4.40 % 3.42 %
Q1 2017 17.71 % 4.66 % 3.44 %
Q2 2017 18.43 % 4.91 % 3.76 %
Q3 2017 18.93 % 5.13 % 3.93 %
Q4 2017 19.91 % 5.69 % 4.67 %
Q1 2018 19.93 % 5.61 % 4.70 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 900.00 0.06 0.06 0.35
Q2 2009 900.00 0.07 0.07 0.33
Q3 2009 900.00 0.08 0.08 0.36
Q4 2009 900.00 0.09 0.11 0.38
Q1 2010 900.00 0.10 0.12 0.35
Q2 2010 900.00 0.12 0.14 0.39
Q3 2010 900.00 0.14 0.16 0.44
Q4 2010 900.00 0.18 0.18 0.50
Q1 2011 900.00 0.19 0.19 0.46
Q2 2011 900.00 0.20 0.20 0.51
Q3 2011 900.00 0.19 0.19 0.55
Q4 2011 900.00 0.17 0.17 0.59
Q1 2012 900.00 0.16 0.16 0.63
Q2 2012 900.00 0.16 0.15 0.67
Q3 2012 900.00 0.16 0.16 0.71
Q4 2012 900.00 0.19 0.19 0.76
Q1 2013 900.00 0.20 0.20 0.80
Q2 2013 900.00 0.20 0.20 0.77
Q3 2013 900.00 0.20 0.20 0.82
Q4 2013 900.00 0.21 0.21 0.90
Q1 2014 900.00 0.22 0.22 0.95
Q2 2014 900.00 0.23 0.23 0.93
Q3 2014 900.00 0.23 0.23 0.98
Q4 2014 900.00 0.24 0.24 1.06
Q1 2015 900.00 0.24 0.24 1.11
Q2 2015 900.00 0.25 0.25 1.09
Q3 2015 900.00 0.24 0.24 1.13
Q4 2015 900.00 0.26 0.26 1.23
Q1 2016 900.00 0.25 0.26 1.17
Q2 2016 900.00 0.25 0.26 1.23
Q3 2016 900.00 0.25 0.26 1.27
Q4 2016 900.00 0.25 0.27 1.37
Q1 2017 900.00 0.27 0.27 1.44
Q2 2017 900.00 0.29 0.30 1.41
Q3 2017 900.00 0.42 0.31 1.58
Q4 2017 900.00 0.50 0.38 1.66
Q1 2018 900.00 0.51 0.38 1.74

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 15.48 15.48 2.70
Q2 2009 22.06 22.06 4.41
Q3 2009 14.96 14.96 3.26
Q4 2009 14.73 11.86 3.33
Q1 2010 14.47 12.04 4.22
Q2 2010 16.44 13.94 4.92
Q3 2010 12.47 10.85 3.95
Q4 2010 10.84 10.84 3.91
Q1 2011 12.46 12.07 4.97
Q2 2011 12.40 12.00 4.77
Q3 2011 13.04 12.59 4.39
Q4 2011 14.99 14.99 4.23
Q1 2012 13.89 14.41 3.62
Q2 2012 13.45 14.02 3.20
Q3 2012 13.48 14.04 3.10
Q4 2012 10.78 10.78 2.72
Q1 2013 10.48 10.48 2.60
Q2 2013 13.87 13.87 3.63
Q3 2013 16.11 16.11 4.01
Q4 2013 14.58 14.58 3.48
Q1 2014 20.10 20.10 4.67
Q2 2014 22.80 22.80 5.73
Q3 2014 24.55 24.55 5.88
Q4 2014 22.06 22.06 4.97
Q1 2015 21.92 21.92 4.75
Q2 2015 21.91 21.91 4.93
Q3 2015 19.12 19.12 4.06
Q4 2015 17.34 17.34 3.62
Q1 2016 16.93 16.32 3.67
Q2 2016 20.21 19.45 4.07
Q3 2016 15.47 14.89 3.01
Q4 2016 19.50 18.44 3.61
Q1 2017 20.49 20.12 3.83
Q2 2017 19.67 19.34 4.06
Q3 2017 14.62 19.58 3.88
Q4 2017 12.31 16.40 3.70
Q1 2018 15.18 20.11 4.44

Business Segments (Million)

Compared With The
Period Retail and wholesale Head office and leasing and others Others
Q1 2011 934.19 32.34 -
Q2 2011 987.16 38.21 -
Q3 2011 1,096.14 40.08 -
Q4 2011 925.31 37.48 -
Q1 2012 976.27 36.44 -
Q2 2012 1,020.85 3.02 -
Q3 2012 1,122.32 20.32 -
Q4 2012 985.76 21.90 -
Q1 2013 1,066.43 21.50 -
Q2 2013 1,161.19 23.94 -
Q3 2013 1,193.14 23.78 -
Q4 2013 1,159.21 23.98 -
Q1 2014 1,222.98 24.03 -
Q2 2014 1,511.39 22.85 -
Q3 2014 1,208.79 26.42 -
Q4 2014 1,308.74 22.64 -
Q1 2015 1,408.03 26.15 -
Q2 2015 1,725.54 27.56 -
Q3 2015 1,348.57 26.93 -
Q4 2015 1,553.66 30.55 -
Q1 2016 1,640.02 28.03 -
Q2 2016 2,020.19 28.36 -
Q3 2016 1,583.28 28.54 -
Q4 2016 1,928.23 38.64 -
Q1 2017 1,875.71 - -
Q2 2017 2,165.24 - -
Q3 2017 1,750.81 9.20 -
Q4 2017 2,189.82 - -
Q1 2018 1,772.52 - 25.74

Analysts Estimates (Million)

Item Q1 2018 (e) Q1 2018 (a) Change‬
Average 79.78 67.26 (15.7 %)

Estimates vs Actual (Million)

Item Q1 2018 (e) Q1 2018 (a) Change
Sico 72.00 67.26 (6.6) %
SNB Capital 78.00 67.26 (13.8) %
Albilad Capital 80.00 67.26 (15.9) %
AlJazira Capital 80.60 67.26 (16.5) %
OSOOL AND BAKHEET 83.10 67.26 (19.1) %
Al Rajhi Capital 85.00 67.26 (20.9) %

Current
Market Cap (M Riyal) 10,062.00
Enterprise Value (EV) (M) 9,728.02
Shares Outstanding ((M)) 900.00
EPS ( Riyal) (TTM) 0.54
Book Value (BV) ( Riyal) 1.33
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 26.23
P/E (TTM) 20.66
Price/book 8.40
Return on Average Assets (%) (TTM) 7.4
Return on Average Equity (%) (TTM) 39.5

Share Price

11.18
(0.14) (1.24 %)

Abdullah Al Othaim Markets Co. (A.OTHAIM MARKET)


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