Al-Jouf Agriculture's 2014 net profit up 5% to SAR 107.1 mln

18/01/2015 Argaam Exclusive

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Share Price

Al-Jouf Agricultural Development Co. (ALJOUF)

Al-Jouf Agriculture Development Co., a producer of olive oil and agriculture products, reported 2014 net profit of SAR 107 million, a five percent increase compared to the last year.

A net profit of SAR 37.0 million was reported for Q4-2014 compared to SAR 37.1 million for Q3.

Financials (M)

Item	2013	2014	Change‬
Revenues	340.99	350.31	2.7 %
Gross Income	152.54	151.86	(0.4 %)
Operating Income	95.65	103.96	8.7 %
Net Income	102.07	107.01	4.8 %
Average Shares	30.00	30.00	-
EPS (Riyals)	3.40	3.57	4.8 %

The Company attributed the increase of 2014’s net profit compared to the last year, to the increase of sales by 2.73% and the decline of selling & marketing expenses by 23.47% despite the decline of other revenue by 35.53% due to the decrease of capital gains.

The increase of Q4-2014’s net profit compared to the same period last year was attributed to the decline of selling & marketing expenses by 59.5% despite the decline of sales by 0.2%, increase of G&A expenses by 6.89% and the decline of other revenue by 79.8% due to the decrease of capital gains.

It also attributed the decline of Q4’s net profit compared to the previous period (Q3-2014) to the decrease of sales by 11.2%, the decline of other revenue by 19.33% and the increase of G&A expenses by 239% due to booking the year’s expenses despite the decline of selling & marketing expenses by 50.48%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	110.47	110.23	(0.2 %)
Gross Income	54.31	51.53	(5.1 %)
Operating Income	32.97	37.13	12.6 %
Net Income	36.51	37.03	1.4 %
Average Shares	30.00	30.00	-
EPS (Riyals)	1.22	1.23	1.4 %

Item	Q3 2014	Q4 2014	Change‬
Revenues	124.13	110.23	(11.2 %)
Gross Income	51.25	51.53	0.6 %
Operating Income	38.16	37.13	(2.7 %)
Net Income	37.15	37.03	(0.3 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	1.24	1.23	(0.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	11.46	(32.9 %)	2.76	(35.1 %)	0.53	(45.1 %)	0.02
Q2 2005	52.60	62.8 %	16.47	50.2 %	10.92	137.2 %	0.36
Q3 2005	45.49	(19.8 %)	14.38	(35.0 %)	3.65	(59.4 %)	0.12
Q4 2005	35.40	26.2 %	16.63	83.4 %	(2.73)	33.8 %	(0.09)
2005	144.95	8.1 %	50.24	8.2 %	12.37	18.4 %	0.41
Q1 2006	8.73	(23.8 %)	2.60	(5.8 %)	9.70	1715.7 %	0.32
Q2 2006	17.52	(66.7 %)	8.59	(47.8 %)	1.61	(85.2 %)	0.05
Q3 2006	41.32	(9.2 %)	16.89	17.4 %	7.04	93.1 %	0.23
Q4 2006	106.58	201.0 %	57.27	244.4 %	21.53	890.0 %	0.72
2006	174.14	20.1 %	85.35	69.9 %	39.88	222.3 %	1.33
Q1 2007	18.04	106.6 %	8.82	239.0 %	6.08	(37.3 %)	0.20
Q2 2007	17.62	0.6 %	9.98	16.2 %	4.26	164.6 %	0.14
Q3 2007	50.60	22.5 %	22.43	32.8 %	12.94	83.7 %	0.43
Q4 2007	102.82	(3.5 %)	53.23	(7.1 %)	26.37	22.5 %	0.88
2007	189.08	8.6 %	94.46	10.7 %	49.66	24.5 %	1.66
Q1 2008	22.50	24.7 %	11.14	26.3 %	7.70	26.5 %	0.26
Q2 2008	41.78	137.1 %	22.65	126.9 %	12.42	191.3 %	0.41
Q3 2008	67.19	32.8 %	28.58	27.4 %	13.60	5.1 %	0.45
Q4 2008	81.31	(20.9 %)	37.22	(30.1 %)	20.71	(21.5 %)	0.69
2008	212.77	12.5 %	99.59	5.4 %	54.42	9.6 %	1.81
Q1 2009	51.98	131.1 %	19.95	79.1 %	13.80	79.4 %	0.46
Q2 2009	39.33	(5.9 %)	18.77	(17.1 %)	11.40	(8.2 %)	0.38
Q3 2009	79.83	18.8 %	33.91	18.6 %	16.84	23.8 %	0.56
Q4 2009	94.74	16.5 %	31.33	(15.8 %)	20.91	1.0 %	0.70
2009	265.89	25.0 %	103.96	4.4 %	62.95	15.7 %	2.10
Q1 2010	33.82	(34.9 %)	12.87	(35.5 %)	7.15	(48.2 %)	0.24
Q2 2010	35.70	(9.2 %)	17.50	(6.8 %)	12.00	5.2 %	0.40
Q3 2010	84.42	5.7 %	36.70	8.2 %	23.58	40.1 %	0.79
Q4 2010	92.95	(1.9 %)	35.53	13.4 %	23.53	12.5 %	0.78
2010	246.88	(7.1 %)	102.59	(1.3 %)	66.26	5.3 %	2.21
Q1 2011	15.44	(54.3 %)	7.27	(43.5 %)	6.05	(15.4 %)	0.20
Q2 2011	50.37	41.1 %	23.51	34.4 %	15.13	26.1 %	0.50
Q3 2011	100.53	19.1 %	45.22	23.2 %	29.31	24.3 %	0.98
Q4 2011	126.15	35.7 %	50.38	41.8 %	34.13	45.1 %	1.14
2011	292.48	18.5 %	126.38	23.2 %	84.62	27.7 %	2.82
Q1 2012	36.23	134.7 %	10.30	41.8 %	7.09	17.3 %	0.24
Q2 2012	55.63	10.4 %	27.24	15.9 %	20.24	33.8 %	0.67
Q3 2012	135.97	35.3 %	57.59	27.3 %	34.81	18.8 %	1.16
Q4 2012	116.71	(7.5 %)	54.71	8.6 %	39.54	15.8 %	1.32
2012	344.54	17.8 %	149.83	18.6 %	101.68	20.2 %	3.39
Q1 2013	38.00	4.9 %	14.30	38.8 %	8.13	14.6 %	0.27
Q2 2013	71.34	28.2 %	33.41	22.7 %	23.07	14.0 %	0.77
Q3 2013	121.19	(10.9 %)	50.51	(12.3 %)	34.36	(1.3 %)	1.15
Q4 2013	110.47	(5.3 %)	54.31	(0.7 %)	36.51	(7.7 %)	1.22
2013	340.99	(1.0 %)	152.54	1.8 %	102.07	0.4 %	3.40
Q1 2014	46.84	23.2 %	15.94	11.5 %	5.19	(36.1 %)	0.17
Q2 2014	69.11	(3.1 %)	33.15	(0.8 %)	27.75	20.3 %	0.93
Q3 2014	124.13	2.4 %	51.25	1.5 %	37.15	8.1 %	1.24
Q4 2014	110.23	(0.2 %)	51.53	(5.1 %)	37.03	1.4 %	1.23
2014	350.31	2.7 %	151.86	(0.4 %)	107.01	4.8 %	3.57

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	144.95	8.1 %	50.24	8.2 %	12.37	18.4 %	0.41
2006	174.14	20.1 %	85.35	69.9 %	39.88	222.3 %	1.33
2007	189.08	8.6 %	94.46	10.7 %	49.66	24.5 %	1.66
2008	212.77	12.5 %	99.59	5.4 %	54.42	9.6 %	1.81
2009	265.89	25.0 %	103.96	4.4 %	62.95	15.7 %	2.10
2010	246.88	(7.1 %)	102.59	(1.3 %)	66.26	5.3 %	2.21
2011	292.48	18.5 %	126.38	23.2 %	84.62	27.7 %	2.82
2012	344.54	17.8 %	149.83	18.6 %	101.68	20.2 %	3.39
2013	340.99	(1.0 %)	152.54	1.8 %	102.07	0.4 %	3.40
2014	350.31	2.7 %	151.86	(0.4 %)	107.01	4.8 %	3.57

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	34.96 %	40.53 %	7.79 %
Q2 2005	33.89 %	43.09 %	10.97 %
Q3 2005	31.01 %	43.53 %	7.98 %
Q4 2005	34.66 %	28.33 %	8.53 %
2005	34.66 %	28.33 %	8.53 %
Q1 2006	35.21 %	29.68 %	8.54 %
Q2 2006	39.40 %	34.16 %	4.39 %
Q3 2006	43.42 %	38.71 %	6.43 %
Q4 2006	49.01 %	50.92 %	29.20 %
2006	49.01 %	50.92 %	21.35 %
Q1 2007	49.91 %	51.84 %	30.87 %
Q2 2007	50.64 %	52.35 %	31.28 %
Q3 2007	51.08 %	54.10 %	33.60 %
Q4 2007	49.96 %	51.49 %	26.26 %
2007	49.96 %	51.49 %	26.26 %
Q1 2008	50.00 %	52.42 %	26.49 %
Q2 2008	50.27 %	51.32 %	27.30 %
Q3 2008	49.34 %	47.88 %	25.65 %
Q4 2008	46.81 %	45.41 %	25.58 %
2008	46.81 %	45.41 %	25.58 %
Q1 2009	44.75 %	43.26 %	24.99 %
Q2 2009	43.58 %	42.68 %	24.82 %
Q3 2009	43.51 %	42.91 %	24.86 %
Q4 2009	39.10 %	37.95 %	23.86 %
2009	39.10 %	37.95 %	23.86 %
Q1 2010	39.11 %	36.14 %	22.93 %
Q2 2010	39.17 %	36.55 %	23.51 %
Q3 2010	39.57 %	37.58 %	26.50 %
Q4 2010	41.55 %	41.04 %	28.38 %
2010	41.55 %	41.04 %	28.38 %
Q1 2011	42.45 %	43.02 %	30.18 %
Q2 2011	42.36 %	42.63 %	29.65 %
Q3 2011	43.01 %	42.74 %	29.34 %
Q4 2011	43.21 %	41.35 %	28.93 %
2011	43.21 %	41.35 %	28.93 %
Q1 2012	41.31 %	38.57 %	27.34 %
Q2 2012	41.80 %	38.93 %	29.18 %
Q3 2012	41.11 %	37.90 %	28.60 %
Q4 2012	43.49 %	40.21 %	29.44 %
2012	43.49 %	40.21 %	29.44 %
Q1 2013	44.42 %	42.39 %	29.59 %
Q2 2013	44.20 %	43.07 %	28.49 %
Q3 2013	44.04 %	44.99 %	28.77 %
Q4 2013	44.73 %	45.52 %	27.67 %
2013	44.73 %	45.52 %	27.67 %
Q1 2014	44.07 %	44.73 %	26.13 %
Q2 2014	44.28 %	45.76 %	27.64 %
Q3 2014	44.12 %	46.76 %	28.21 %
Q4 2014	43.35 %	48.71 %	30.58 %
2014	43.35 %	48.70 %	30.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	34.66 %	28.33 %	8.53 %
2006	49.01 %	50.92 %	21.35 %
2007	49.96 %	51.49 %	26.26 %
2008	46.81 %	45.41 %	25.58 %
2009	39.10 %	37.95 %	23.86 %
2010	41.55 %	41.04 %	28.38 %
2011	43.21 %	41.35 %	28.93 %
2012	43.49 %	40.21 %	29.44 %
2013	44.73 %	45.52 %	27.67 %
2014	43.35 %	48.70 %	30.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	24.11 %	57.27 %	4.66 %
Q2 2005	31.30 %	31.49 %	20.75 %
Q3 2005	31.62 %	22.59 %	8.02 %
Q4 2005	46.97 %	21.66 %	(7.70 %)
Q1 2006	29.81 %	88.27 %	3.52 %
Q2 2006	49.05 %	62.47 %	19.83 %
Q3 2006	40.87 %	32.76 %	13.46 %
Q4 2006	53.73 %	53.01 %	38.94 %
Q1 2007	48.91 %	78.30 %	33.72 %
Q2 2007	56.64 %	67.68 %	24.19 %
Q3 2007	44.32 %	43.05 %	25.57 %
Q4 2007	51.77 %	48.17 %	25.65 %
Q1 2008	49.52 %	80.95 %	34.21 %
Q2 2008	54.21 %	53.14 %	29.72 %
Q3 2008	42.54 %	33.09 %	20.24 %
Q4 2008	45.77 %	41.78 %	25.47 %
Q1 2009	38.38 %	50.76 %	26.55 %
Q2 2009	47.72 %	50.22 %	28.99 %
Q3 2009	42.48 %	35.34 %	21.09 %
Q4 2009	33.07 %	28.03 %	22.60 %
Q1 2010	38.04 %	44.39 %	21.15 %
Q2 2010	49.01 %	54.43 %	33.60 %
Q3 2010	43.47 %	38.44 %	30.01 %
Q4 2010	38.22 %	37.05 %	27.53 %
Q1 2011	47.06 %	77.69 %	39.17 %
Q2 2011	46.67 %	49.23 %	30.03 %
Q3 2011	44.99 %	39.40 %	29.15 %
Q4 2011	39.94 %	35.32 %	27.06 %
Q1 2012	28.43 %	32.73 %	19.58 %
Q2 2012	48.96 %	50.30 %	40.27 %
Q3 2012	42.35 %	36.59 %	27.67 %
Q4 2012	46.87 %	41.93 %	29.41 %
Q1 2013	37.63 %	52.99 %	21.39 %
Q2 2013	46.84 %	52.00 %	32.34 %
Q3 2013	41.68 %	41.29 %	28.35 %
Q4 2013	49.17 %	43.40 %	26.05 %
Q1 2014	34.04 %	45.66 %	11.09 %
Q2 2014	47.96 %	57.43 %	40.16 %
Q3 2014	41.28 %	44.23 %	29.93 %
Q4 2014	46.75 %	49.60 %	33.59 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	30.00	0.33	0.33	10.03
Q2 2005	30.00	0.54	0.54	10.39
Q3 2005	30.00	0.37	0.37	10.51
Q4 2005	30.00	0.41	0.41	10.59
Q1 2006	30.00	0.72	0.40	10.77
Q2 2006	30.00	0.41	0.16	10.80
Q3 2006	30.00	0.52	0.22	11.06
Q4 2006	30.00	1.33	1.69	12.68
Q1 2007	30.00	1.21	1.89	12.88
Q2 2007	30.00	1.30	1.91	13.03
Q3 2007	30.00	1.49	2.16	13.46
Q4 2007	30.00	1.66	1.66	14.34
Q1 2008	30.00	1.71	1.71	14.59
Q2 2008	30.00	1.98	1.98	14.60
Q3 2008	30.00	2.00	2.00	15.05
Q4 2008	30.00	1.81	1.81	15.74
Q1 2009	30.00	2.02	2.02	16.20
Q2 2009	30.00	1.98	1.98	16.58
Q3 2009	30.00	2.09	2.09	17.14
Q4 2009	30.00	2.10	2.12	17.82
Q1 2010	30.00	1.88	1.89	16.65
Q2 2010	30.00	1.90	1.91	17.05
Q3 2010	30.00	2.12	2.20	17.83
Q4 2010	30.00	2.21	2.34	18.60
Q1 2011	30.00	2.17	2.30	17.37
Q2 2011	30.00	2.28	2.40	17.87
Q3 2011	30.00	2.47	2.54	18.85
Q4 2011	30.00	2.82	2.82	19.99
Q1 2012	30.00	2.86	2.86	20.22
Q2 2012	30.00	3.03	3.10	19.17
Q3 2012	30.00	3.21	3.37	20.33
Q4 2012	30.00	3.39	3.38	21.65
Q1 2013	30.00	3.42	3.42	20.19
Q2 2013	30.00	3.52	3.44	20.96
Q3 2013	30.00	3.50	3.33	22.11
Q4 2013	30.00	3.40	3.14	23.32
Q1 2014	30.00	3.30	3.05	22.66
Q2 2014	30.00	3.46	3.20	23.53
Q3 2014	30.00	3.55	3.30	24.77
Q4 2014	30.00	3.57	3.57	24.37

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	30.00	0.41	0.41	10.59
2006	30.00	1.33	1.24	12.68
2007	30.00	1.66	1.66	14.34
2008	30.00	1.81	1.81	15.74
2009	30.00	2.10	2.12	17.82
2010	30.00	2.21	2.34	18.60
2011	30.00	2.82	2.82	19.99
2012	30.00	3.39	3.38	21.65
2013	30.00	3.40	3.14	23.32
2014	30.00	3.57	3.57	24.37

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	46.17	46.17	1.54
Q2 2005	44.48	44.48	2.33
Q3 2005	More than 50	More than 50	3.22
Q4 2005	More than 50	More than 50	5.01
Q1 2006	43.84	More than 50	2.92
Q2 2006	More than 50	More than 50	4.38
Q3 2006	More than 50	More than 50	5.53
Q4 2006	17.55	13.76	1.84
Q1 2007	23.16	14.83	2.17
Q2 2007	17.48	11.85	1.74
Q3 2007	18.07	12.50	2.01
Q4 2007	17.32	17.32	2.00
Q1 2008	12.97	12.97	1.52
Q2 2008	11.27	11.27	1.53
Q3 2008	7.92	7.92	1.05
Q4 2008	7.66	7.66	0.88
Q1 2009	7.27	7.27	0.91
Q2 2009	9.48	9.48	1.13
Q3 2009	9.66	9.66	1.18
Q4 2009	11.47	11.38	1.35
Q1 2010	12.19	12.08	1.37
Q2 2010	10.02	9.93	1.11
Q3 2010	9.62	9.29	1.14
Q4 2010	11.56	10.93	1.37
Q1 2011	10.17	9.60	1.27
Q2 2011	9.67	9.15	1.23
Q3 2011	9.76	9.50	1.28
Q4 2011	10.84	10.84	1.53
Q1 2012	12.52	12.52	1.77
Q2 2012	10.30	10.06	1.63
Q3 2012	11.19	10.64	1.77
Q4 2012	10.70	10.72	1.67
Q1 2013	10.08	10.10	1.71
Q2 2013	11.25	11.51	1.89
Q3 2013	12.96	13.64	2.05
Q4 2013	12.22	13.22	1.78
Q1 2014	12.98	14.08	1.89
Q2 2014	13.58	14.67	2.00
Q3 2014	15.08	16.26	2.16
Q4 2014	11.43	11.43	1.68

Period	P/E	Adjusted P/E	Price/book
2005	More than 50	More than 50	5.01
2006	17.55	18.83	1.84
2007	17.32	17.32	2.00
2008	7.66	7.66	0.88
2009	11.47	11.38	1.35
2010	11.56	10.93	1.37
2011	10.84	10.84	1.53
2012	10.70	10.72	1.67
2013	12.22	13.22	1.78
2014	11.44	11.44	1.68

Financial Ratios

	Current
Market Cap (M Riyal)	2,061.00
Enterprise Value (EV) (M)	2,288.46
Shares Outstanding ((M))	30.00
EPS ( Riyal) (TTM)	2.49
Book Value (BV) ( Riyal)	24.80
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	31.32
P/E (TTM)	27.55
Price/book	2.77
Return on Average Assets (%) (TTM)	7.0
Return on Average Equity (%) (TTM)	10.6

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Al-Jouf Agriculture's 2014 net profit up 5% to SAR 107.1 mln

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Share Price

Al-Jouf Agricultural Development Co. (ALJOUF)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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Al-Jouf Agriculture's 2014 net profit up 5% to SAR 107.1 mln

View other reports

Share Price

Al-Jouf Agricultural Development Co. (ALJOUF)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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