Development Works net profit declines 3% in 9M 2019

02/12/2019 Argaam Exclusive

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Share Price

Development Works Food Co.
120.80
(2.20) (1.79 %)

Development Works for Food Co. reported a net profit after zakat and tax of SAR 6.2 million for the first 9 months of 2019, a decrease of 2.7% year-on-year (YoY), on higher general and administrative expenses, government fees and expenses.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 82.55 107.76 30.5 %
Gross Income 12.74 16.82 32.0 %
Operating Income 6.69 5.76 (13.9 %)
Net Income 6.34 6.17 (2.7 %)
Average Shares 3.00 3.00 -
EPS (Riyals) 2.11 2.06 (2.7 %)

The third quarter net profit rose 7% YoY to SAR 2.5 million, backed by higher sales.

 

On a sequential basis, Q3 2019 net profit jumped 9.8%, thanks to a 7.19% drop in general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 28.69 37.07 29.2 %
Gross Income 4.87 5.39 10.7 %
Operating Income 2.47 2.40 (3.2 %)
Net Income 2.31 2.47 6.7 %
Average Shares 3.00 3.00 -
EPS (Riyals) 0.77 0.82 6.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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 - - - - - - -
Q2 2014 - - - - - - -
Q3 2014 - - - - - - -
Q4 2014 - - - - - - -
Q1 2015 - - - - - - -
Q2 2015 - - - - - - -
Q3 2015 - - - - - - -
Q4 2015 - - - - - - -
Q1 2016 8.00 - 3.55 - 0.84 - 0.28
Q2 2016 10.18 - 5.22 - 1.60 - 0.53
Q3 2016 11.55 - 6.00 - 1.76 - 0.59
Q4 2016 5.19 - (6.82) - (6.86) - (2.29)
Q1 2017 13.47 68.3 % 6.37 79.3 % 1.04 23.7 % 0.35
Q2 2017 20.46 101.1 % 4.54 (13.0 %) 2.63 64.4 % 0.88
Q3 2017 20.04 73.5 % 3.76 (37.4 %) 2.25 27.6 % 0.75
Q4 2017 28.43 447.7 % 4.20 161.6 % 1.97 128.7 % 0.66
Q1 2018 22.70 68.5 % 3.27 (48.7 %) 1.34 28.4 % 0.45
Q2 2018 31.16 52.3 % 4.56 0.4 % 2.69 2.4 % 0.90
Q3 2018 28.69 43.1 % 4.87 29.6 % 2.31 2.9 % 0.77
Q4 2018 26.11 (8.1 %) 2.20 (47.7 %) 1.40 (28.8 %) 0.47
Q1 2019 30.76 35.5 % 4.73 44.7 % 1.46 8.8 % 0.49
Q2 2019 39.94 28.2 % 6.70 46.8 % 2.24 (16.6 %) 0.75
Q3 2019 37.07 29.2 % 5.39 10.7 % 2.47 6.7 % 0.82

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 22.79 % (2.71 %) (7.62 %)
Q1 2017 26.68 % (1.46 %) (6.09 %)
Q2 2017 19.92 % 1.37 % (2.82 %)
Q3 2017 13.26 % 2.51 % (1.60 %)
Q4 2017 22.90 % 13.73 % 9.57 %
Q1 2018 17.21 % 13.38 % 8.93 %
Q2 2018 15.43 % 12.63 % 8.06 %
Q3 2018 15.23 % 12.41 % 7.49 %
Q4 2018 13.71 % 10.99 % 7.12 %
Q1 2019 14.01 % 10.44 % 6.73 %
Q2 2019 14.74 % 9.82 % 5.91 %
Q3 2019 14.20 % 9.66 % 5.65 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 3.00 - - 4.68
Q2 2016 3.00 - - 5.11
Q3 2016 3.00 - - 4.48
Q4 2016 3.00 (0.89) (0.89) 4.84
Q1 2017 3.00 (0.82) (0.82) 5.02
Q2 2017 3.00 (0.48) (0.48) 5.90
Q3 2017 3.00 (0.32) (0.32) 6.65
Q4 2017 3.00 2.63 2.63 7.16
Q1 2018 3.00 2.73 2.73 7.61
Q2 2018 3.00 2.75 2.75 8.51
Q3 2018 3.00 2.77 2.77 9.28
Q4 2018 3.00 2.58 2.58 10.10
Q1 2019 3.00 2.62 2.62 10.58
Q2 2019 3.00 2.47 2.47 11.33
Q3 2019 3.00 2.52 2.52 12.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 NEG NEG 7.75
Q2 2017 NEG NEG 5.47
Q3 2017 NEG NEG 4.29
Q4 2017 11.05 11.05 4.06
Q1 2018 9.69 9.69 3.47
Q2 2018 10.92 10.92 3.53
Q3 2018 9.69 9.69 2.89
Q4 2018 10.66 10.66 2.72
Q1 2019 12.72 12.72 3.15
Q2 2019 15.17 15.17 3.31
Q3 2019 12.24 12.24 2.54


Financial Ratios
Current
Market Cap (M Riyal) 362.40
Enterprise Value (EV) (M) 371.80
Shares Outstanding ((M)) 3.00
Book Value (BV) ( Riyal) 8.32
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
Price/book 14.52
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