TADCO trims H1 loss to SAR 23.5 mln; Q2 at SAR 9.6 mln

12/09/2023 Argaam Exclusive

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Share Price

Tabuk Agricultural Development Co. (TADCO)

Tabuk Agricultural Development Co. (TADCO) reported a net loss of SAR 23.5 million in H1 2023, compared to a net loss of SAR 28.6 million in the prior-year period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 46.82 48.20 2.9 %
Gross Income 2.71 10.34 282.0 %
Operating Income (23.66) (20.56) 13.1 %
Net Income (28.64) (23.31) 18.6 %
Average Shares 39.18 39.18 -
EPS (Riyals) (0.73) (0.60) 18.6 %

This was driven by higher gross profit, an increase in revenue and a decline in the cost of revenue.

 

The company also reported lower Zakat expenses and narrowed its loss share from associates.

 

TADCO trimmed Q2 2023 loss to SAR 9.6 million, compared to SAR 18.09 million in the year earlier period, on higher revenue and lower cost of revenue. TADCO also reported higher profit share from associates.

 

On a sequential basis, net loss shrank from SAR 13.9 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 25.25 26.90 6.5 %
Gross Income 0.66 6.51 892.8 %
Operating Income (14.46) (11.15) 22.9 %
Net Income (18.08) (9.39) 48.1 %
Average Shares 39.18 39.18 -
EPS (Riyals) (0.46) (0.24) 48.1 %

Shareholders’ equity, excluding minority interest, stood at SAR 239.94 million by June 30, 2023, compared to SAR 268.79 million a year earlier.

 

Accumulated loss reached SAR 153.23 million, accounting for 39.1% of capital.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 20.67 90.8 % 7.26 48.6 % 1.74 15.1 % 0.08
Q2 2014 29.12 (24.4 %) 11.36 (26.7 %) 0.50 (79.9 %) 0.02
Q3 2014 51.12 22.1 % 16.79 (13.0 %) 3.27 211.2 % 0.15
Q4 2014 53.12 78.3 % 22.04 77.6 % 1.68 108.5 % 0.07
Q1 2015 26.54 28.4 % 12.68 74.7 % 4.53 159.8 % 0.13
Q2 2015 28.25 (3.0 %) 10.71 (5.7 %) 0.18 (64.6 %) 0.01
Q3 2015 44.26 (13.4 %) 18.88 12.5 % 3.45 5.4 % 0.10
Q4 2015 52.77 (0.6 %) 17.42 (21.0 %) (2.86) (270.1 %) (0.08)
Q1 2016 13.27 (50.0 %) 6.22 (51.0 %) (6.77) (249.7 %) (0.20)
Q2 2016 23.45 (17.0 %) 6.09 (43.2 %) (4.61) (2691.0 %) (0.14)
Q3 2016 23.90 (46.0 %) 4.59 (75.7 %) (11.26) (426.7 %) (0.33)
Q4 2016 32.39 (38.6 %) 1.29 (92.6 %) (19.58) (584.4 %) (0.58)
Q1 2017 20.66 55.7 % 4.80 (22.8 %) (3.74) 44.8 % (0.11)
Q2 2017 23.01 (1.9 %) 9.31 53.0 % (2.15) 53.4 % (0.06)
Q3 2017 26.65 11.5 % 6.32 37.7 % (13.44) (19.4 %) (0.40)
Q4 2017 36.85 13.8 % 6.06 368.4 % (10.92) 44.2 % (0.32)
Q1 2018 20.13 (2.6 %) 2.82 (41.3 %) (5.66) (51.2 %) (0.17)
Q2 2018 26.37 14.6 % 8.08 (13.2 %) 6.61 407.8 % 0.20
Q3 2018 25.20 (5.4 %) 3.76 (40.4 %) (7.51) 44.1 % (0.22)
Q4 2018 27.28 (26.0 %) (1.53) (125.2 %) (55.54) (408.8 %) (1.65)
Q1 2019 8.17 (59.4 %) (11.39) (504.6 %) (23.51) (315.6 %) (0.70)
Q2 2019 34.71 31.6 % (13.37) (265.4 %) (62.28) (1042.5 %) (1.85)
Q3 2019 50.67 101.1 % (1.78) (147.2 %) (55.67) (641.4 %) (1.65)
Q4 2019 47.80 75.2 % (7.51) (391.6 %) (37.57) 32.4 % (1.11)
Q1 2020 34.67 324.2 % 6.49 156.9 % (5.08) 78.4 % (0.15)
Q2 2020 37.31 7.5 % 7.05 152.7 % (5.53) 91.1 % (0.16)
Q3 2020 47.39 (6.5 %) 9.31 623.6 % (6.96) 87.5 % (0.21)
Q4 2020 39.17 (18.0 %) (8.56) (13.9 %) (34.99) 6.9 % (1.04)
Q1 2021 21.45 (38.1 %) 4.00 (38.4 %) (1.91) 62.4 % (0.06)
Q2 2021 31.69 (15.1 %) (9.03) (228.1 %) (24.03) (334.5 %) (0.61)
Q3 2021 35.75 (24.6 %) 6.59 (29.2 %) (13.28) (90.9 %) (0.34)
Q4 2021 27.15 (30.7 %) (6.95) 18.8 % (31.33) 10.5 % (0.80)
Q1 2022 21.58 0.6 % 2.05 (48.7 %) (10.56) (453.1 %) (0.27)
Q2 2022 25.25 (20.3 %) 0.66 107.3 % (18.08) 24.7 % (0.46)
Q3 2022 52.39 46.6 % 17.76 169.4 % 5.16 138.9 % 0.13
Q4 2022 35.15 29.5 % (0.80) 88.4 % (29.33) 6.4 % (0.75)
Q1 2023 21.30 (1.3 %) 3.83 86.6 % (13.92) (31.8 %) (0.36)
Q2 2023 26.90 6.5 % 6.51 892.8 % (9.39) 48.1 % (0.24)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 41.64 % 17.93 % (11.17 %)
Q2 2014 41.45 % 15.87 % (13.67 %)
Q3 2014 36.59 % 14.30 % (11.00 %)
Q4 2014 37.30 % 18.84 % 4.67 %
Q1 2015 39.32 % 20.78 % 6.24 %
Q2 2015 39.13 % 20.69 % 6.07 %
Q3 2015 42.27 % 24.88 % 6.46 %
Q4 2015 39.32 % 21.25 % 3.48 %
Q1 2016 38.42 % 16.98 % (4.34 %)
Q2 2016 36.34 % 9.76 % (8.07 %)
Q3 2016 30.26 % (7.71 %) (22.49 %)
Q4 2016 19.55 % (9.91 %) (38.46 %)
Q1 2017 16.70 % (9.62 %) (32.61 %)
Q2 2017 20.00 % 1.76 % (30.28 %)
Q3 2017 21.14 % 3.21 % (31.59 %)
Q4 2017 24.71 % (1.20 %) (32.11 %)
Q1 2018 22.97 % (2.70 %) (34.46 %)
Q2 2018 21.15 % (3.44 %) (35.22 %)
Q3 2018 19.08 % (2.94 %) (38.59 %)
Q4 2018 13.27 % (15.31 %) (50.47 %)
Q1 2019 (1.23 %) (37.02 %) (77.03 %)
Q2 2019 (23.62 %) (57.49 %) (93.19 %)
Q3 2019 (23.23 %) (47.24 %) (85.69 %)
Q4 2019 (24.09 %) (50.93 %) (81.94 %)
Q1 2020 (9.63 %) (31.19 %) (58.25 %)
Q2 2020 2.49 % (18.96 %) (45.36 %)
Q3 2020 9.17 % (11.61 %) (31.71 %)
Q4 2020 9.01 % (4.88 %) (28.57 %)
Q1 2021 8.12 % (6.84 %) (31.90 %)
Q2 2021 (3.06 %) (21.02 %) (46.43 %)
Q3 2021 (5.46 %) (24.25 %) (50.87 %)
Q4 2021 (4.64 %) (29.60 %) (50.51 %)
Q1 2022 (6.32 %) (33.39 %) (54.25 %)
Q2 2022 2.14 % (24.90 %) (52.02 %)
Q3 2022 10.70 % (16.80 %) (35.35 %)
Q4 2022 14.64 % (18.15 %) (39.30 %)
Q1 2023 15.99 % (18.70 %) (41.89 %)
Q2 2023 20.11 % (17.92 %) (34.98 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 22.48 (0.65) (0.65) 15.61
Q2 2014 22.48 (0.74) (0.74) 15.57
Q3 2014 22.48 (0.64) (0.64) 15.72
Q4 2014 22.48 0.32 0.32 15.79
Q1 2015 33.73 0.30 0.30 18.07
Q2 2015 33.73 0.29 0.29 18.08
Q3 2015 33.73 0.29 0.29 18.18
Q4 2015 33.73 0.16 0.16 18.10
Q1 2016 33.73 (0.18) (0.18) 17.99
Q2 2016 33.73 (0.32) (0.32) 17.18
Q3 2016 33.73 (0.76) (0.76) 16.81
Q4 2016 33.73 (1.25) (1.06) 16.39
Q1 2017 33.73 (1.16) (0.97) 16.28
Q2 2017 33.73 (1.09) (0.90) 16.22
Q3 2017 33.73 (1.15) (0.96) 15.82
Q4 2017 33.73 (0.90) (1.02) 15.50
Q1 2018 33.73 (0.95) (1.09) 15.33
Q2 2018 33.73 (0.69) (1.15) 15.46
Q3 2018 33.73 (0.52) (1.24) 15.24
Q4 2018 33.73 (1.84) (1.48) 13.58
Q1 2019 33.73 (2.37) (1.99) 12.89
Q2 2019 33.73 (4.41) (2.63) 10.91
Q3 2019 33.73 (5.84) (3.07) 9.24
Q4 2019 33.73 (5.31) (3.43) 8.28
Q1 2020 33.73 (4.76) (2.90) 8.15
Q2 2020 33.73 (3.08) (2.29) 7.93
Q3 2020 33.73 (1.63) (1.57) 7.78
Q4 2020 33.73 (1.56) (1.34) 6.70
Q1 2021 33.73 (1.46) (1.37) 6.65
Q2 2021 39.18 (1.73) (1.66) 8.73
Q3 2021 39.18 (1.89) (1.66) 8.42
Q4 2021 39.18 (1.80) (1.50) 7.60
Q1 2022 39.18 (2.02) (1.61) 7.34
Q2 2022 39.18 (1.87) (1.46) 6.86
Q3 2022 39.18 (1.40) (1.14) 6.64
Q4 2022 39.18 (1.35) (1.35) 5.87
Q1 2023 39.18 (1.43) (1.43) 6.36
Q2 2023 39.18 (1.21) (1.21) 6.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 NEG NEG 3.58
Q2 2014 NEG NEG 4.03
Q3 2014 NEG NEG 4.29
Q4 2014 More than 50 More than 50 2.50
Q1 2015 More than 50 More than 50 1.49
Q2 2015 More than 50 More than 50 1.49
Q3 2015 More than 50 More than 50 1.07
Q4 2015 More than 50 More than 50 1.11
Q1 2016 NEG NEG 0.92
Q2 2016 NEG NEG 1.13
Q3 2016 NEG NEG 0.82
Q4 2016 NEG NEG 1.08
Q1 2017 NEG NEG 1.17
Q2 2017 NEG NEG 1.25
Q3 2017 NEG NEG 1.33
Q4 2017 NEG NEG 1.31
Q1 2018 NEG NEG 1.22
Q2 2018 NEG NEG 1.16
Q3 2018 NEG NEG 1.02
Q4 2018 NEG NEG 1.13
Q1 2019 NEG NEG 1.21
Q2 2019 NEG NEG 1.27
Q3 2019 NEG NEG 1.33
Q4 2019 NEG NEG 1.74
Q1 2020 NEG NEG 1.32
Q2 2020 NEG NEG 1.75
Q3 2020 NEG NEG 4.11
Q4 2020 NEG NEG 4.03
Q1 2021 NEG NEG 4.67
Q2 2021 NEG NEG 4.58
Q3 2021 NEG NEG 4.76
Q4 2021 NEG NEG 3.93
Q1 2022 NEG NEG 3.66
Q2 2022 NEG NEG 2.81
Q3 2022 NEG NEG 2.59
Q4 2022 NEG NEG 2.59
Q1 2023 NEG NEG 2.79
Q2 2023 NEG NEG 3.02

Business Segments (Million)

Compared With The
Period Frozen meat Cereals Fruits Feeding Others.. Vegetables Food products Sales - Sheep Sales - trees
Q1 2016 - 0.02 - 5.50 - 5.85 1.71 - 0.20
Q2 2016 - 2.13 13.90 3.32 - 2.60 1.39 - 0.10
Q3 2016 - 1.03 12.60 5.20 - 5.41 (0.41) - (0.04)
Q4 2016 - 2.62 0.47 15.27 - 11.57 2.24 0.15 0.18
Q1 2017 - 2.29 0.05 11.32 - 5.41 1.52 0.02 0.05
Q2 2017 - 1.46 11.56 6.64 - 2.08 1.09 0.07 0.12
Q3 2017 - 2.97 8.97 10.88 - 2.87 0.77 0.11 0.07
Q4 2017 - 6.37 2.46 19.52 - 5.38 2.62 0.07 0.45
Q1 2018 - 3.52 1.69 10.18 - 2.58 1.34 0.04 0.79
Q2 2018 - (3.52) 9.20 11.22 9.50 2.14 (1.34) (0.04) (0.79)
Q3 2018 - 18.73 8.22 (2.64) (1.97) 2.85 - - -
Q4 2018 - (7.65) 8.04 18.84 (1.96) 10.00 - - -
Q1 2019 - 1.21 0.07 2.52 1.44 2.93 - - -
Q2 2019 - 1.00 9.53 9.41 1.06 0.60 - - -
Q3 2019 - 9.77 9.55 (0.14) 7.67 4.42 - - -
Q1 2020 7.27 2.68 1.48 19.60 0.93 2.71 - - -
Q2 2020 2.78 6.81 8.84 17.67 1.13 0.08 - - -
Q3 2020 6.52 6.79 6.19 27.11 0.74 0.05 - - -
Q4 2020 10.67 9.16 1.16 16.32 1.33 0.53 - - -
Q1 2021 11.40 1.08 1.45 6.53 0.99 - - - -
Q2 2021 10.71 8.97 6.79 4.31 0.92 - - - -
Q3 2021 14.47 6.85 6.94 5.63 1.86 - - - -
Q4 2021 17.17 5.60 0.44 2.74 1.20 - - - -
Q1 2022 18.58 0.15 0.08 0.90 1.87 - - - -
Q2 2022 17.12 0.79 5.76 0.45 1.13 - - - -
Q3 2022 15.30 23.07 7.60 4.45 1.97 - - - -
Q4 2022 15.65 9.66 1.64 3.35 3.35 1.50 - - -
Q1 2023 13.29 1.55 0.63 0.81 3.94 1.09 - - -
Q2 2023 - - - 3.24 - - - - -

Current
Market Cap (M Riyal) 714.46
Enterprise Value (EV) (M) 720.97
Shares Outstanding ((M)) 39.17
EPS ( Riyal) (TTM) 2.06
Book Value (BV) ( Riyal) 8.38
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 8.84
Price/book 2.18
Return on Average Assets (%) (TTM) 17.5
Return on Average Equity (%) (TTM) 28.9

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