Almarai posts higher net profit at SAR 706.9m in I2 of 2014

06/07/2014 Argaam Exclusive

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Share Price

Almarai Co. (ALMARAI)

Al-Marai Company, a producer of poultry and dairy products, reported SAR 706.9m net profit at the end of the first half of 2014, an 8% increase compared to the same period last year, as shown in the following table:

Financials (M)

Item	6m 2013	6m 2014	Change‬
Revenues	5,284.91	6,005.44	13.6 %
Gross Income	1,862.28	2,068.12	11.1 %
Operating Income	784.81	829.31	5.7 %
Net Income	653.32	706.87	8.2 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.65	0.71	8.2 %

Current Quarter Comparison (M)

Compared With The

Item	Q2 2013	Q2 2014	Change‬
Revenues	2,873.88	3,286.52	14.4 %
Gross Income	1,034.49	1,149.16	11.1 %
Operating Income	483.97	516.01	6.6 %
Net Income	398.23	433.29	8.8 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.40	0.43	8.8 %

Item	Q1 2014	Q2 2014	Change‬
Revenues	2,718.92	3,286.52	20.9 %
Gross Income	918.95	1,149.16	25.1 %
Operating Income	313.29	516.01	64.7 %
Net Income	273.58	433.29	58.4 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.27	0.43	58.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	472.59	6.6 %	183.62	6.1 %	77.96	3.8 %	0.09
Q2 2005	522.18	12.7 %	211.39	11.1 %	100.33	0.5 %	0.12
Q3 2005	547.64	15.6 %	222.79	11.1 %	100.88	0.0 %	0.12
Q4 2005	603.71	19.7 %	228.98	17.6 %	106.93	13.1 %	0.12
2005	2,146.11	13.8 %	846.78	11.6 %	386.10	4.3 %	0.44
Q1 2006	621.47	31.5 %	226.70	23.5 %	90.59	16.2 %	0.10
Q2 2006	700.66	34.2 %	272.62	29.0 %	121.79	21.4 %	0.14
Q3 2006	717.13	31.0 %	284.27	27.6 %	122.56	21.5 %	0.14
Q4 2006	717.68	18.9 %	291.10	27.1 %	129.79	21.4 %	0.15
2006	2,756.94	28.5 %	1,074.67	26.9 %	464.73	20.4 %	0.53
Q1 2007	806.93	29.8 %	311.69	37.5 %	122.84	35.6 %	0.13
Q2 2007	905.74	29.3 %	371.16	36.1 %	165.28	35.7 %	0.17
Q3 2007	1,012.39	41.2 %	416.51	46.5 %	186.06	51.8 %	0.20
Q4 2007	1,044.77	45.6 %	393.98	35.3 %	193.09	48.8 %	0.20
2007	3,769.83	36.7 %	1,493.34	39.0 %	667.27	43.6 %	0.70
Q1 2008	1,119.07	38.7 %	416.26	33.5 %	162.20	32.0 %	0.17
Q2 2008	1,247.52	37.7 %	514.53	38.6 %	235.23	42.3 %	0.25
Q3 2008	1,388.53	37.2 %	572.86	37.5 %	293.68	57.8 %	0.31
Q4 2008	1,274.78	22.0 %	495.31	25.7 %	219.16	13.5 %	0.23
2008	5,029.90	33.4 %	1,998.96	33.9 %	910.26	36.4 %	0.96
Q1 2009	1,326.08	18.5 %	508.25	22.1 %	197.37	21.7 %	0.21
Q2 2009	1,447.12	16.0 %	591.31	14.9 %	287.10	22.0 %	0.30
Q3 2009	1,547.44	11.4 %	697.63	21.8 %	363.43	23.8 %	0.38
Q4 2009	1,548.17	21.4 %	568.61	14.8 %	248.82	13.5 %	0.26
2009	5,868.81	16.7 %	2,365.79	18.4 %	1,096.72	20.5 %	1.14
Q1 2010	1,559.49	17.6 %	570.03	12.2 %	234.10	18.6 %	0.23
Q2 2010	1,738.87	20.2 %	701.13	18.6 %	343.06	19.5 %	0.34
Q3 2010	1,833.74	18.5 %	796.45	14.2 %	424.51	16.8 %	0.42
Q4 2010	1,798.82	16.2 %	668.31	17.5 %	283.76	14.0 %	0.28
2010	6,930.91	18.1 %	2,735.92	15.6 %	1,285.42	17.2 %	1.29
Q1 2011	1,743.57	11.8 %	634.15	11.2 %	235.25	0.5 %	0.24
Q2 2011	2,012.85	15.8 %	776.81	10.8 %	349.26	1.8 %	0.35
Q3 2011	2,105.28	14.8 %	861.72	8.2 %	429.70	1.2 %	0.43
Q4 2011	2,089.29	16.1 %	723.84	8.3 %	125.31	(55.8 %)	0.13
2011	7,950.99	14.7 %	2,996.52	9.5 %	1,139.52	(11.4 %)	1.14
Q1 2012	2,040.35	17.0 %	707.30	11.5 %	242.12	2.9 %	0.24
Q2 2012	2,524.14	25.4 %	921.72	18.7 %	379.52	8.7 %	0.38
Q3 2012	2,672.99	27.0 %	1,012.19	17.5 %	449.97	4.7 %	0.45
Q4 2012	2,645.52	26.6 %	869.87	20.2 %	369.03	194.5 %	0.37
2012	9,883.00	24.3 %	3,511.08	17.2 %	1,440.63	26.4 %	1.44
Q1 2013	2,411.03	18.2 %	827.80	17.0 %	255.09	5.4 %	0.26
Q2 2013	2,873.88	13.9 %	1,034.49	12.2 %	398.23	4.9 %	0.40
Q3 2013	2,926.09	9.5 %	1,104.95	9.2 %	475.62	5.7 %	0.48
Q4 2013	3,008.18	13.7 %	995.50	14.4 %	373.27	1.2 %	0.37
2013	11,219.18	13.5 %	3,962.73	12.9 %	1,502.21	4.3 %	1.50
Q1 2014	2,718.92	12.8 %	918.95	11.0 %	273.58	7.2 %	0.27
Q2 2014	3,286.52	14.4 %	1,149.16	11.1 %	433.29	8.8 %	0.43

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	1,885.11	7.5 %	758.52	3.1 %	370.30	0.5 %	0.43
2005	2,146.11	13.8 %	846.78	11.6 %	386.10	4.3 %	0.44
2006	2,756.94	28.5 %	1,074.67	26.9 %	464.73	20.4 %	0.53
2007	3,769.83	36.7 %	1,493.34	39.0 %	667.27	43.6 %	0.70
2008	5,029.90	33.4 %	1,998.96	33.9 %	910.26	36.4 %	0.96
2009	5,868.81	16.7 %	2,365.79	18.4 %	1,096.72	20.5 %	1.14
2010	6,930.91	18.1 %	2,735.92	15.6 %	1,285.42	17.2 %	1.29
2011	7,950.99	14.7 %	2,996.52	9.5 %	1,139.52	(11.4 %)	1.14
2012	9,883.00	24.3 %	3,511.08	17.2 %	1,440.63	26.4 %	1.44
2013	11,219.18	13.5 %	3,962.73	12.9 %	1,502.21	4.3 %	1.50

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	40.18 %	27.20 %	19.90 %
Q2 2005	40.06 %	27.06 %	19.33 %
Q3 2005	39.70 %	26.05 %	18.26 %
Q4 2005	39.46 %	26.04 %	17.99 %
2005	39.46 %	26.04 %	17.99 %
Q1 2006	38.77 %	25.85 %	17.37 %
Q2 2006	38.45 %	25.74 %	16.99 %
Q3 2006	38.31 %	25.38 %	16.72 %
Q4 2006	38.98 %	25.70 %	16.86 %
2006	38.98 %	25.70 %	16.86 %
Q1 2007	39.41 %	25.92 %	16.89 %
Q2 2007	39.98 %	27.32 %	17.17 %
Q3 2007	40.39 %	28.53 %	17.54 %
Q4 2007	39.61 %	29.08 %	17.70 %
2007	39.61 %	29.08 %	17.70 %
Q1 2008	39.15 %	28.79 %	17.31 %
Q2 2008	39.36 %	28.40 %	17.55 %
Q3 2008	39.53 %	28.73 %	18.42 %
Q4 2008	39.74 %	25.34 %	18.10 %
2008	39.74 %	25.34 %	18.10 %
Q1 2009	39.93 %	24.95 %	18.05 %
Q2 2009	39.87 %	26.48 %	18.34 %
Q3 2009	40.97 %	24.82 %	19.07 %
Q4 2009	40.31 %	26.70 %	18.69 %
2009	40.31 %	26.70 %	18.69 %
Q1 2010	39.78 %	26.57 %	18.57 %
Q2 2010	39.68 %	25.16 %	18.60 %
Q3 2010	39.46 %	27.32 %	18.72 %
Q4 2010	39.47 %	27.21 %	18.55 %
2010	39.47 %	27.21 %	18.55 %
Q1 2011	39.35 %	26.97 %	18.08 %
Q2 2011	38.92 %	26.49 %	17.50 %
Q3 2011	38.39 %	25.84 %	16.94 %
Q4 2011	37.69 %	25.62 %	16.35 %
2011	37.69 %	25.62 %	16.35 %
Q1 2012	37.22 %	25.26 %	15.84 %
Q2 2012	36.70 %	26.67 %	15.26 %
Q3 2012	36.08 %	26.90 %	14.55 %
Q4 2012	35.53 %	27.71 %	14.58 %
2012	35.53 %	27.71 %	14.58 %
Q1 2013	35.42 %	28.17 %	14.18 %
Q2 2013	35.31 %	27.64 %	13.89 %
Q3 2013	35.34 %	27.93 %	13.80 %
Q4 2013	35.32 %	27.87 %	13.39 %
2013	35.32 %	27.87 %	13.39 %
Q1 2014	35.17 %	27.75 %	13.01 %
Q2 2014	34.91 %	27.35 %	12.86 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	40.24 %	27.77 %	19.64 %
2005	39.46 %	26.04 %	17.99 %
2006	38.98 %	25.70 %	16.86 %
2007	39.61 %	29.08 %	17.70 %
2008	39.74 %	25.34 %	18.10 %
2009	40.31 %	26.70 %	18.69 %
2010	39.47 %	27.21 %	18.55 %
2011	37.69 %	25.62 %	16.35 %
2012	35.53 %	27.71 %	14.58 %
2013	35.32 %	27.87 %	13.39 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	38.85 %	24.09 %	16.50 %
Q2 2005	40.48 %	27.53 %	19.21 %
Q3 2005	40.68 %	26.83 %	18.42 %
Q4 2005	37.93 %	25.57 %	17.71 %
Q1 2006	36.48 %	23.84 %	14.58 %
Q2 2006	38.91 %	26.73 %	17.38 %
Q3 2006	39.64 %	25.25 %	17.09 %
Q4 2006	40.56 %	26.75 %	18.09 %
Q1 2007	38.63 %	25.08 %	15.22 %
Q2 2007	40.98 %	31.42 %	18.25 %
Q3 2007	41.14 %	29.97 %	18.38 %
Q4 2007	37.71 %	29.28 %	18.48 %
Q1 2008	37.20 %	25.15 %	14.49 %
Q2 2008	41.24 %	29.30 %	18.86 %
Q3 2008	41.26 %	30.70 %	21.15 %
Q4 2008	38.85 %	15.81 %	17.19 %
Q1 2009	38.33 %	23.62 %	14.88 %
Q2 2009	40.86 %	34.45 %	19.84 %
Q3 2009	45.08 %	24.26 %	23.49 %
Q4 2009	36.73 %	24.53 %	16.07 %
Q1 2010	36.55 %	23.59 %	15.01 %
Q2 2010	40.32 %	27.92 %	19.73 %
Q3 2010	43.43 %	32.27 %	23.15 %
Q4 2010	37.15 %	24.49 %	15.77 %
Q1 2011	36.37 %	23.00 %	13.49 %
Q2 2011	38.59 %	26.05 %	17.35 %
Q3 2011	40.93 %	29.16 %	20.41 %
Q4 2011	34.65 %	23.81 %	13.67 %
Q1 2012	34.67 %	21.93 %	11.87 %
Q2 2012	36.52 %	30.79 %	15.04 %
Q3 2012	37.87 %	29.43 %	16.83 %
Q4 2012	32.88 %	27.50 %	13.95 %
Q1 2013	34.33 %	24.76 %	10.58 %
Q2 2013	36.00 %	28.50 %	13.86 %
Q3 2013	37.76 %	30.38 %	16.25 %
Q4 2013	33.09 %	27.32 %	12.41 %
Q1 2014	33.80 %	24.58 %	9.29 %
Q2 2014	34.97 %	26.96 %	13.18 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	869.57	0.43	0.44	1.29
Q2 2005	869.57	0.43	0.44	1.40
Q3 2005	869.57	0.43	0.43	1.52
Q4 2005	869.57	0.44	0.44	1.64
Q1 2006	869.57	0.46	0.46	1.75
Q2 2006	869.57	0.48	0.48	1.89
Q3 2006	869.57	0.51	0.51	2.03
Q4 2006	869.57	0.53	0.53	2.18
Q1 2007	947.83	0.52	0.52	2.66
Q2 2007	947.83	0.57	0.57	2.83
Q3 2007	947.83	0.64	0.64	3.03
Q4 2007	947.83	0.70	0.70	3.22
Q1 2008	947.83	0.75	0.75	3.45
Q2 2008	947.83	0.82	0.82	3.91
Q3 2008	947.83	0.93	0.93	3.94
Q4 2008	947.83	0.96	0.96	3.82
Q1 2009	960.87	0.98	0.98	3.60
Q2 2009	960.87	1.04	1.04	4.04
Q3 2009	960.87	1.11	1.11	4.37
Q4 2009	960.87	1.14	1.14	5.38
Q1 2010	1,000.00	1.13	1.13	5.58
Q2 2010	1,000.00	1.19	1.19	5.37
Q3 2010	1,000.00	1.25	1.25	5.88
Q4 2010	1,000.00	1.29	1.29	6.13
Q1 2011	1,000.00	1.29	1.29	6.40
Q2 2011	1,000.00	1.29	1.29	6.19
Q3 2011	1,000.00	1.30	1.30	6.46
Q4 2011	1,000.00	1.14	1.30	6.72
Q1 2012	1,000.00	1.15	1.31	7.18
Q2 2012	1,000.00	1.18	1.34	6.87
Q3 2012	1,000.00	1.20	1.36	7.26
Q4 2012	1,000.00	1.44	1.44	7.55
Q1 2013	1,000.00	1.45	1.45	7.76
Q2 2013	1,000.00	1.47	1.47	7.66
Q3 2013	1,000.00	1.50	1.50	8.07
Q4 2013	1,000.00	1.50	1.50	8.44
Q1 2014	1,000.00	1.52	1.50	8.76
Q2 2014	1,000.00	1.56	1.53	8.53

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	869.57	0.43	0.43	1.49
2005	869.57	0.44	0.44	1.64
2006	869.57	0.53	0.53	2.18
2007	947.83	0.70	0.70	3.22
2008	947.83	0.96	0.96	3.82
2009	960.87	1.14	1.14	5.38
2010	1,000.00	1.29	1.29	6.13
2011	1,000.00	1.14	1.30	6.72
2012	1,000.00	1.44	1.44	7.55
2013	1,000.00	1.50	1.50	8.44

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	35.32	35.32	9.99
Q4 2005	46.80	46.80	12.65
Q1 2006	38.97	38.97	10.23
Q2 2006	40.46	40.46	10.36
Q3 2006	29.87	29.87	7.48
Q4 2006	17.26	17.26	4.23
Q1 2007	17.26	17.26	3.40
Q2 2007	19.24	19.24	3.88
Q3 2007	16.33	16.33	3.44
Q4 2007	20.68	20.68	4.52
Q1 2008	22.84	22.84	4.94
Q2 2008	24.67	24.67	5.17
Q3 2008	19.43	19.43	4.60
Q4 2008	17.73	17.73	4.46
Q1 2009	18.63	18.63	5.16
Q2 2009	18.00	18.00	4.69
Q3 2009	18.36	18.36	4.73
Q4 2009	17.34	17.34	3.53
Q1 2010	19.60	19.60	3.98
Q2 2010	18.48	18.48	4.09
Q3 2010	18.64	18.64	3.97
Q4 2010	20.03	20.03	4.20
Q1 2011	17.11	17.11	3.44
Q2 2011	16.85	16.85	3.52
Q3 2011	15.27	15.27	3.07
Q4 2011	20.03	17.56	3.40
Q1 2012	23.02	20.20	3.68
Q2 2012	21.89	19.27	3.75
Q3 2012	23.45	20.68	3.87
Q4 2012	17.67	17.67	3.37
Q1 2013	18.55	18.55	3.48
Q2 2013	19.13	19.13	3.68
Q3 2013	21.99	21.99	4.08
Q4 2013	21.02	21.02	3.74
Q1 2014	25.51	25.87	4.43
Q2 2014	27.08	27.45	4.94

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	46.80	46.80	12.65
2006	17.26	17.26	4.23
2007	20.68	20.68	4.52
2008	17.73	17.73	4.46
2009	17.34	17.34	3.53
2010	20.03	20.03	4.20
2011	20.03	17.56	3.40
2012	17.67	17.67	3.37
2013	21.02	21.02	3.74

Business Segments (Million)

Compared With The

Period	Dairy & Juice	Poultry Project	Bakeries Productions	Others..	Arable and Horticulture
Q1 2007	719.26	-	87.68	-	-
Q2 2007	814.17	-	91.57	-	-
Q3 2007	917.02	-	95.37	-	-
Q4 2007	950.59	-	94.19	-	-
Q1 2008	1,015.44	-	103.62	-	-
Q2 2008	1,111.43	-	136.09	-	-
Q3 2008	1,247.44	-	141.09	-	-
Q4 2008	1,140.78	-	134.00	-	-
Q1 2009	1,191.73	-	134.35	-	-
Q2 2009	1,286.67	-	160.45	-	-
Q3 2009	1,394.68	-	152.76	-	-
Q4 2009	1,304.66	44.50	170.55	-	28.46
Q1 2010	1,341.86	35.96	178.26	-	3.42
Q2 2010	1,455.52	42.24	216.58	-	24.54
Q3 2010	1,578.11	49.87	202.10	-	3.65
Q4 2010	1,510.39	48.07	224.28	-	16.09
Q1 2011	1,467.84	63.47	211.39	-	0.88
Q2 2011	1,658.98	81.66	249.07	-	23.14
Q3 2011	1,777.55	75.03	228.42	-	24.28
Q4 2011	1,688.44	99.05	277.49	-	24.31
Q1 2012	1,635.68	95.40	293.54	-	15.73
Q2 2012	2,031.54	119.06	324.96	-	48.58
Q3 2012	2,203.10	127.43	302.85	-	39.61
Q4 2012	2,102.29	162.46	369.30	0.08	11.39
Q1 2013	1,901.16	162.12	340.90	6.85	-
Q2 2013	2,209.27	202.71	369.48	92.41	-
Q3 2013	2,354.11	212.94	324.76	34.29	-
Q4 2013	2,371.27	214.56	409.97	12.37	-
Q1 2014	2,125.60	211.10	373.32	8.91	-
Q2 2014	2,547.67	250.35	399.27	89.24	-

Period	Dairy & Juice	Poultry Project	Bakeries Productions	Others..	Arable and Horticulture
2006	2,756.94	-	-	-	-
2007	3,401.04	-	368.80	-	-
2008	4,515.10	-	514.81	-	-
2009	5,177.73	44.50	618.12	-	28.46
2010	5,885.87	176.14	821.21	-	47.70
2011	6,592.81	319.21	966.37	-	72.60
2012	7,972.60	504.35	1,290.65	0.08	115.32
2013	8,835.81	792.33	1,445.12	145.93	-

Financial Ratios

	Current
Market Cap (M Riyal)	54,600.00
Enterprise Value (EV) (M)	63,737.56
Shares Outstanding ((M))	1,000.00
EPS ( Riyal) (TTM)	2.11
Book Value (BV) ( Riyal)	18.34
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	25.92
P/E (TTM)	25.92
Price/book	2.98
Return on Average Assets (%) (TTM)	6.2
Return on Average Equity (%) (TTM)	11.8

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Almarai posts higher net profit at SAR 706.9m in I2 of 2014

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Share Price

Almarai Co. (ALMARAI)

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

Business Segments (Million)

Revenue by Business Segment (Latest) 2014 Q2

Financial Ratios

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Almarai posts higher net profit at SAR 706.9m in I2 of 2014

View other reports

Share Price

Almarai Co. (ALMARAI)

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

Business Segments (Million) Q2 2014

Revenue by Business Segment (Latest) 2014 Q2

Financial Ratios

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Business Segments (Million)