Saudi Marketing Co.’s 2014 net profit up 10% to SAR 104.5 mln

The Saudi Marketing Company (SAMCO), the newly listed company operating in the retail sector, reported a net profit of SAR 104.5 million for 2014, a ten percent increase compared to the same period in 2013.

A net profit of SAR 23.1 million was reported for Q4-2014 compared to SAR 24.7 million for Q3.

Financials (M)

Item	2013	2014	Change‬
Revenues	1,626.34	1,740.72	7.0 %
Gross Income	354.06	402.98	13.8 %
Operating Income	94.23	112.16	19.0 %
Net Income	95.15	104.48	9.8 %
Average Shares	45.00	45.00	-
EPS (Riyals)	2.11	2.32	9.8 %

The company attributed the increase of 2014’s net profit, compared to the same period last year, to

Increase of sales,
Increase of Farm Superstores branches from 45 branches in Dec. 2013 to 50 branches in Dec. 2014,
Increase of Adventure World branches from 7 branches in Dec. 2013 to 8 branches in Dec. 2014,
The increase of rent revenue.

Despite the increase of financial charges and the decline of investment portfolio’s market value as well as the increase of provision for obsolete inventory.

The decline of Q4-2014’s net profit compared to the same period in 2013 despite the increase of sales and rent revenue was attributed to:

Increase of selling & distribution expenses.
Increase of G&A expenses due to opening new branches.
The increase of financial charges due to charging SAR 2 million to this period representing Islamic credit commission due to Al Rajhi bank for 2014.
Forming obsolete inventory provision of SAR 3 million.
The decline of non operating revenue
The decline of Lebanese affiliate’s profit.

The decline of Q4-2014’s net profit compared to the previous period (Q3-2014) was attributed to

The increase of financial charges due to charging SAR 2 million to this period representing Islamic credit commission due to Al Rajhi bank for 2014.
Forming obsolete inventory provision of SAR 3 million.
The increase of non-operating expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	423.76	450.89	6.4 %
Gross Income	87.89	102.85	17.0 %
Operating Income	26.43	28.00	5.9 %
Net Income	26.87	23.11	(14.0 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.60	0.51	(14.0 %)

Item	Q3 2014	Q4 2014	Change‬
Revenues	409.88	450.89	10.0 %
Gross Income	103.87	102.85	(1.0 %)
Operating Income	26.69	28.00	4.9 %
Net Income	24.70	23.11	(6.5 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.55	0.51	(6.5 %)

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Share Price

Saudi Marketing Co. (FARM SUPERSTORES)

	Current
Market Cap (M Riyal)	1,012.50
Enterprise Value (EV) (M)	1,582.84
Shares Outstanding ((M))	45.00
EPS ( Riyal) (TTM)	0.52
Book Value (BV) ( Riyal)	15.14
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	26.55
P/E (TTM)	43.02
Price/book	1.49
Return on Average Assets (%) (TTM)	1.0
Return on Average Equity (%) (TTM)	3.5

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	899.12	-	195.73	-	48.22	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	1,025.78	14.1 %	204.37	4.4 %	56.18	16.5 %
Q1 2011	-	-	-	-	-	-
Q2 2011	303.99	-	62.21	-	14.19	-
Q3 2011	330.91	-	68.92	-	14.12	-
Q4 2011	350.17	-	50.81	-	19.08	-
2011	1,253.14	22.2 %	235.73	15.3 %	62.38	11.0 %
Q1 2012	342.36	-	64.04	-	18.76	-
Q2 2012	350.01	15.1 %	78.29	25.8 %	19.20	35.3 %
Q3 2012	384.15	16.1 %	84.23	22.2 %	22.29	57.9 %
Q4 2012	419.14	19.7 %	72.64	43.0 %	12.25	(35.8 %)
2012	1,495.67	19.4 %	299.19	26.9 %	72.49	16.2 %
Q1 2013	391.22	14.3 %	87.02	35.9 %	26.24	39.9 %
Q2 2013	397.65	13.6 %	89.20	13.9 %	21.25	10.7 %
Q3 2013	413.71	7.7 %	89.95	6.8 %	20.31	(8.9 %)
Q4 2013	423.76	1.1 %	87.89	21.0 %	26.43	115.8 %
2013	1,626.34	8.7 %	354.06	18.3 %	94.23	30.0 %
Q1 2014	405.04	3.5 %	93.24	7.2 %	28.10	7.1 %
Q2 2014	475.21	19.5 %	103.31	15.8 %	29.36	38.2 %
Q3 2014	409.88	(0.9 %)	103.87	15.5 %	26.69	31.4 %
Q4 2014	450.89	6.4 %	102.85	17.0 %	28.00	5.9 %
2014	1,740.72	7.0 %	402.98	13.8 %	112.16	19.0 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2005	-	-	-	-	-	-
2006	-	-	-	-	-	-
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	899.12	-	195.73	-	48.22	-
2010	1,025.78	14.1 %	204.37	4.4 %	56.18	16.5 %
2011	1,253.14	22.2 %	235.73	15.3 %	62.38	11.0 %
2012	1,495.67	19.4 %	299.19	26.9 %	72.49	16.2 %
2013	1,626.34	8.7 %	354.06	18.3 %	94.23	30.0 %
2014	1,740.72	7.0 %	402.98	13.8 %	112.16	19.0 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	45.31	-	1.01	-	45.31	1.01
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	56.10	23.8 %	1.25	-	56.10	1.25
Q1 2011	-	-	-	-	-	-
Q2 2011	17.35	-	0.39	-	17.35	0.39
Q3 2011	14.92	-	0.33	-	14.92	0.33
Q4 2011	19.48	-	0.43	-	19.48	0.43
2011	66.57	18.7 %	1.48	-	66.57	1.48
Q1 2012	18.86	-	0.42	-	18.86	0.42
Q2 2012	18.76	8.1 %	0.42	-	18.76	0.42
Q3 2012	23.52	57.7 %	0.52	-	23.52	0.52
Q4 2012	17.63	(9.5 %)	0.39	-	17.63	0.39
2012	78.76	18.3 %	1.75	-	78.76	1.75
Q1 2013	24.68	30.9 %	0.55	-	24.68	0.55
Q2 2013	21.38	14.0 %	0.48	-	21.38	0.48
Q3 2013	22.21	(5.6 %)	0.49	-	22.21	0.49
Q4 2013	26.87	52.4 %	0.60	-	26.87	0.60
2013	95.15	20.8 %	2.11	-	95.15	2.11
Q1 2014	27.54	11.6 %	0.61	-	27.54	0.61
Q2 2014	29.13	36.2 %	0.65	-	29.13	0.65
Q3 2014	24.70	11.2 %	0.55	-	24.70	0.55
Q4 2014	23.11	(14.0 %)	0.51	-	23.11	0.51
2014	104.48	9.8 %	2.32	-	104.48	2.32

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2005	-	-	-	-	-	-
2006	-	-	-	-	-	-
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	45.31	-	1.01	-	45.31	1.01
2010	56.10	23.8 %	1.25	-	56.10	1.25
2011	66.57	18.7 %	1.48	-	66.57	1.48
2012	78.76	18.3 %	1.75	-	78.76	1.75
2013	95.15	20.8 %	2.11	-	95.15	2.11
2014	104.48	9.8 %	2.32	-	104.48	2.32

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	21.77 %	7.23 %	5.04 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	19.92 %	7.73 %	5.47 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	18.81 %	6.93 %	5.31 %
Q1 2012	18.53 %	6.38 %	5.32 %
Q2 2012	19.08 %	6.99 %	5.24 %
Q3 2012	19.44 %	7.31 %	5.65 %
Q4 2012	20.00 %	6.66 %	5.27 %
2012	20.00 %	6.66 %	5.27 %
Q1 2013	20.86 %	6.92 %	5.48 %
Q2 2013	20.92 %	6.91 %	5.48 %
Q3 2013	20.89 %	6.70 %	5.30 %
Q4 2013	21.77 %	7.62 %	5.85 %
2013	21.77 %	7.62 %	5.85 %
Q1 2014	21.97 %	7.70 %	5.98 %
Q2 2014	21.80 %	7.85 %	6.16 %
Q3 2014	22.66 %	8.26 %	6.32 %
Q4 2014	23.16 %	8.27 %	6.00 %
2014	23.15 %	8.27 %	6.00 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	21.77 %	7.23 %	5.04 %
2010	19.92 %	7.73 %	5.47 %
2011	18.81 %	6.93 %	5.31 %
2012	20.00 %	6.66 %	5.27 %
2013	21.77 %	7.62 %	5.85 %
2014	23.15 %	8.27 %	6.00 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	20.46 %	-	5.71 %
Q3 2011	20.83 %	6.32 %	4.51 %
Q4 2011	14.51 %	6.71 %	5.56 %
Q1 2012	18.70 %	7.61 %	5.51 %
Q2 2012	22.37 %	7.29 %	5.36 %
Q3 2012	21.93 %	7.62 %	6.12 %
Q4 2012	17.33 %	4.48 %	4.21 %
Q1 2013	22.24 %	8.51 %	6.31 %
Q2 2013	22.43 %	7.20 %	5.38 %
Q3 2013	21.74 %	6.74 %	5.37 %
Q4 2013	20.74 %	8.04 %	6.34 %
Q1 2014	23.02 %	8.82 %	6.80 %
Q2 2014	21.74 %	7.82 %	6.13 %
Q3 2014	25.34 %	8.45 %	6.03 %
Q4 2014	22.81 %	8.08 %	5.12 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	45.00	-	-	7.10
Q3 2011	45.00	-	-	7.60
Q4 2011	45.00	-	-	7.73
Q1 2012	45.00	1.57	1.57	8.15
Q2 2012	45.00	1.60	1.60	8.56
Q3 2012	45.00	1.79	1.79	9.09
Q4 2012	45.00	1.75	1.75	9.20
Q1 2013	45.00	1.88	1.88	8.43
Q2 2013	45.00	1.94	1.94	8.90
Q3 2013	45.00	1.91	1.91	9.40
Q4 2013	45.00	2.11	2.11	8.72
Q1 2014	45.00	2.18	2.18	9.33
Q2 2014	45.00	2.35	2.35	9.97
Q3 2014	45.00	2.41	2.41	10.52
Q4 2014	45.00	2.32	2.32	11.04

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	-	-	-	-
2006	-	-	-	-
2007	-	-	-	-
2008	-	-	-	-
2009	45.00	1.01	1.01	5.55
2010	45.00	1.25	1.25	6.38
2011	45.00	1.48	1.48	7.73
2012	45.00	1.75	1.75	9.20
2013	45.00	2.11	2.11	8.72
2014	45.00	2.32	2.32	11.04

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	22.00	22.00	5.14
Q2 2014	27.20	27.20	6.41
Q3 2014	30.58	30.58	6.99
Q4 2014	27.42	27.42	5.77

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	27.42	27.42	5.77

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Saudi Marketing Co.’s 2014 net profit up 10% to SAR 104.5 mln

A net profit of SAR 23.1 million was reported for Q4-2014 compared to SAR 24.7 million for Q3.

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Saudi Marketing Co. (FARM SUPERSTORES)

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

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