Almarai’s Q1 2024 profit grows 9% to SAR 692.2M

21/04/2024 Argaam Exclusive

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Share Price

54.60
(0.30) (0.55 %)

Almarai Co. (ALMARAI)

Almarai Co. reported a profit increase of 9% to SAR 692.2 million for the first quarter of 2024, compared to SAR 635.1 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 5,066.56 5,458.64 7.7 %
Gross Income 1,617.85 1,708.46 5.6 %
Operating Income 815.86 869.38 6.6 %
Net Income 635.06 692.23 9.0 %
Average Shares 1,000.00 1,000.00 -
EPS (Riyals) 0.64 0.69 9.0 %

The profit growth was spurred by an 8% rise in revenue year-on-year (YoY), thanks to strong sales volumes.

 

The dairy and juice category reported a rise in Q1 2024 net profit increased compared to last year due to improved sales in core GCC markets, advancement of 10 days in Ramadan, especially for dairy categories, and tight cost management.

 

The bakery category’s net profit was higher than Q1 2023, thanks to production efficiencies and seasonal adjustments in consumption patterns.

 

Furthermore, the poultry category’s net profit growth YoY was positive due to continued production optimization, and improved economies of scale.

 

Compared to Q4 2023, the dairy producer’s net profit leapt 86.7% from SAR 370.7 million, thanks to higher revenue amid better dairy sales and seasonal changes in consumption patterns. The quarterly growth was also driven by the improved product mix.

 

Total shareholders’ equity, after minority interest, increased to SAR 18.33 billion as of March 31, 2024, from SAR 17.23 billion a year earlier.

 

Attached Documents

 



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2015 3,037.31 11.7 % 1,110.34 20.8 % 306.48 12.0 % 0.31
Q2 2015 3,649.52 11.0 % 1,388.04 20.8 % 530.42 22.4 % 0.53
Q3 2015 3,523.58 7.8 % 1,446.52 4.0 % 595.12 10.3 % 0.60
Q4 2015 3,584.20 7.6 % 1,338.37 18.0 % 483.68 13.0 % 0.48
Q1 2016 3,373.79 11.1 % 1,127.55 1.5 % 288.66 (5.8 %) 0.29
Q2 2016 3,925.89 7.6 % 1,520.89 9.6 % 658.38 24.1 % 0.66
Q3 2016 3,530.34 0.2 % 1,485.41 2.7 % 664.26 11.6 % 0.66
Q4 2016 3,508.56 (2.1 %) 1,388.64 3.8 % 536.49 10.9 % 0.54
Q1 2017 3,383.53 0.3 % 1,177.43 4.4 % 328.27 13.7 % 0.33
Q2 2017 3,760.36 (4.2 %) 1,554.93 2.2 % 674.11 2.4 % 0.67
Q3 2017 3,372.92 (4.5 %) 1,516.00 2.1 % 667.01 0.4 % 0.67
Q4 2017 3,418.73 (2.6 %) 1,335.27 (3.8 %) 512.89 (4.4 %) 0.51
Q1 2018 3,232.21 (4.5 %) 1,254.43 6.5 % 344.87 5.1 % 0.34
Q2 2018 3,672.33 (2.3 %) 1,448.45 (6.8 %) 661.39 (1.9 %) 0.66
Q3 2018 3,317.36 (1.6 %) 1,399.20 (7.7 %) 634.96 (4.8 %) 0.63
Q4 2018 3,381.18 (1.1 %) 1,262.94 (5.4 %) 370.77 (27.7 %) 0.37
Q1 2019 3,308.89 2.4 % 1,163.91 (7.2 %) 336.03 (2.6 %) 0.34
Q2 2019 3,767.42 2.6 % 1,466.22 1.2 % 582.53 (11.9 %) 0.58
Q3 2019 3,573.26 7.7 % 1,443.77 3.2 % 581.25 (8.5 %) 0.58
Q4 2019 3,703.94 9.5 % 1,293.51 2.4 % 311.95 (15.9 %) 0.31
Q1 2020 3,592.44 8.6 % 1,253.19 7.7 % 383.01 14.0 % 0.38
Q2 2020 4,081.84 8.3 % 1,535.19 4.7 % 643.93 10.5 % 0.64
Q3 2020 3,863.08 8.1 % 1,514.70 4.9 % 621.52 6.9 % 0.62
Q4 2020 3,819.59 3.1 % 1,232.43 (4.7 %) 335.90 7.7 % 0.34
Q1 2021 3,645.01 1.5 % 1,235.11 (1.4 %) 385.95 0.8 % 0.39
Q2 2021 4,005.57 (1.9 %) 1,355.74 (11.7 %) 481.98 (25.2 %) 0.48
Q3 2021 3,941.73 2.0 % 1,275.71 (15.8 %) 409.09 (34.2 %) 0.41
Q4 2021 4,257.41 11.5 % 1,192.71 (3.2 %) 286.53 (14.7 %) 0.29
Q1 2022 4,503.46 23.6 % 1,331.92 7.8 % 420.46 8.9 % 0.42
Q2 2022 4,610.45 15.1 % 1,469.61 8.4 % 520.36 8.0 % 0.52
Q3 2022 4,769.12 21.0 % 1,488.72 16.7 % 463.17 13.2 % 0.46
Q4 2022 4,839.23 13.7 % 1,333.99 11.8 % 355.82 24.2 % 0.36
Q1 2023 5,066.56 12.5 % 1,617.85 21.5 % 635.06 51.0 % 0.64
Q2 2023 4,792.35 3.9 % 1,567.08 6.6 % 557.08 7.1 % 0.56
Q3 2023 4,796.93 0.6 % 1,469.45 (1.3 %) 486.26 5.0 % 0.49
Q4 2023 4,919.74 1.7 % 1,396.91 4.7 % 370.72 4.2 % 0.37
Q1 2024 5,458.64 7.7 % 1,708.46 5.6 % 692.23 9.0 % 0.69

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 37.02 % 27.31 % 13.21 %
Q2 2015 37.80 % 27.58 % 14.18 %
Q3 2015 37.51 % 27.73 % 14.32 %
Q4 2015 38.30 % 27.91 % 14.61 %
Q1 2016 37.51 % 27.63 % 14.13 %
Q2 2016 37.71 % 28.38 % 14.20 %
Q3 2016 37.96 % 29.09 % 14.50 %
Q4 2016 38.51 % 30.87 % 15.00 %
Q1 2017 38.84 % 31.68 % 15.27 %
Q2 2017 39.53 % 32.67 % 15.56 %
Q3 2017 40.19 % 34.21 % 15.93 %
Q4 2017 40.07 % 34.18 % 15.66 %
Q1 2018 41.07 % 35.75 % 15.95 %
Q2 2018 40.55 % 36.32 % 15.96 %
Q3 2018 39.86 % 36.36 % 15.79 %
Q4 2018 39.44 % 36.05 % 15.53 %
Q1 2019 38.56 % 35.36 % 15.38 %
Q2 2019 38.42 % 34.75 % 14.70 %
Q3 2019 38.04 % 33.87 % 14.05 %
Q4 2019 37.39 % 33.18 % 12.62 %
Q1 2020 37.28 % 32.63 % 12.70 %
Q2 2020 36.96 % 32.11 % 12.84 %
Q3 2020 36.72 % 31.84 % 12.86 %
Q4 2020 36.05 % 30.84 % 12.79 %
Q1 2021 35.81 % 31.08 % 12.76 %
Q2 2021 34.81 % 30.08 % 11.77 %
Q3 2021 33.08 % 28.17 % 10.33 %
Q4 2021 31.92 % 26.91 % 9.86 %
Q1 2022 30.86 % 25.81 % 9.56 %
Q2 2022 30.44 % 25.38 % 9.45 %
Q3 2022 30.23 % 25.12 % 9.78 %
Q4 2022 30.04 % 25.87 % 9.84 %
Q1 2023 30.65 % 26.64 % 10.67 %
Q2 2023 30.86 % 26.93 % 10.76 %
Q3 2023 30.72 % 26.92 % 10.43 %
Q4 2023 30.91 % 26.67 % 10.47 %
Q1 2024 30.76 % 26.08 % 10.55 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 1,000.00 1.71 1.71 9.37
Q2 2015 1,000.00 1.80 1.88 9.62
Q3 2015 1,000.00 1.86 1.94 9.99
Q4 2015 1,000.00 1.92 2.01 10.36
Q1 2016 1,000.00 1.90 2.00 10.51
Q2 2016 1,000.00 2.03 2.05 10.42
Q3 2016 1,000.00 2.09 2.09 11.08
Q4 2016 1,000.00 2.15 2.15 11.36
Q1 2017 1,000.00 2.19 2.19 11.01
Q2 2017 1,000.00 2.20 2.21 11.66
Q3 2017 1,000.00 2.21 2.23 12.26
Q4 2017 1,000.00 2.18 2.18 12.78
Q1 2018 1,000.00 2.20 2.20 13.11
Q2 2018 1,000.00 2.19 2.19 12.87
Q3 2018 1,000.00 2.15 2.15 13.39
Q4 2018 1,000.00 2.01 2.11 13.88
Q1 2019 1,000.00 2.00 2.10 14.24
Q2 2019 1,000.00 1.92 2.02 14.00
Q3 2019 1,000.00 1.87 1.97 14.58
Q4 2019 1,000.00 1.81 1.81 14.65
Q1 2020 1,000.00 1.86 1.86 14.72
Q2 2020 1,000.00 1.92 1.92 14.60
Q3 2020 1,000.00 1.96 1.96 15.33
Q4 2020 1,000.00 1.98 1.96 15.69
Q1 2021 1,000.00 1.99 1.97 16.07
Q2 2021 1,000.00 1.83 1.80 15.46
Q3 2021 1,000.00 1.61 1.59 15.86
Q4 2021 1,000.00 1.56 1.56 16.12
Q1 2022 1,000.00 1.60 1.60 16.32
Q2 2022 1,000.00 1.64 1.64 15.84
Q3 2022 1,000.00 1.69 1.77 16.27
Q4 2022 1,000.00 1.76 1.84 16.67
Q1 2023 1,000.00 1.97 2.06 17.24
Q2 2023 1,000.00 2.01 2.09 16.82
Q3 2023 1,000.00 2.03 2.03 17.49
Q4 2023 1,000.00 2.05 2.05 17.80
Q1 2024 1,000.00 2.11 2.11 18.34

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 30.66 30.66 5.59
Q2 2015 29.98 28.72 5.62
Q3 2015 27.25 26.13 5.07
Q4 2015 24.57 23.36 4.54
Q1 2016 22.12 21.02 3.99
Q2 2016 21.60 21.39 4.20
Q3 2016 20.28 20.33 3.83
Q4 2016 25.51 25.47 4.82
Q1 2017 25.80 25.76 5.13
Q2 2017 35.02 34.97 6.62
Q3 2017 25.87 25.54 4.65
Q4 2017 24.63 24.63 4.20
Q1 2018 25.19 25.19 4.22
Q2 2018 27.63 27.63 4.69
Q3 2018 23.17 23.17 3.73
Q4 2018 23.86 22.72 3.46
Q1 2019 27.46 26.14 3.86
Q2 2019 27.80 26.42 3.82
Q3 2019 26.60 25.24 3.41
Q4 2019 27.32 27.32 3.38
Q1 2020 25.29 25.29 3.19
Q2 2020 26.98 26.98 3.55
Q3 2020 26.98 26.98 3.45
Q4 2020 27.67 27.96 3.50
Q1 2021 26.17 26.44 3.24
Q2 2021 34.73 35.13 4.10
Q3 2021 35.96 36.43 3.66
Q4 2021 31.18 31.18 3.02
Q1 2022 32.04 32.04 3.14
Q2 2022 32.02 32.02 3.31
Q3 2022 31.47 30.00 3.27
Q4 2022 30.40 29.03 3.21
Q1 2023 28.57 27.41 3.27
Q2 2023 30.18 28.99 3.61
Q3 2023 31.26 31.26 3.64
Q4 2023 27.23 27.23 3.14
Q1 2024 27.35 27.35 3.14

Business Segments (Million)

Compared With The
Period Dairy & Juice Poultry Project Bakeries Productions Others.. Arable and Horticulture
Q1 2015 2,353.44 308.98 355.53 19.36 -
Q2 2015 2,869.02 313.95 396.35 70.21 -
Q3 2015 2,756.98 314.83 399.51 52.27 -
Q4 2015 2,761.46 324.49 474.46 23.79 -
Q1 2016 2,577.33 320.83 452.27 23.36 -
Q2 2016 3,054.66 365.77 458.22 47.25 -
Q3 2016 2,722.80 277.65 467.02 62.87 -
Q4 2016 2,606.53 367.26 503.28 31.48 -
Q1 2017 2,494.13 356.37 468.91 64.13 -
Q2 2017 2,920.95 387.41 434.61 17.39 -
Q3 2017 2,570.11 328.31 436.67 37.83 -
Q4 2017 2,525.29 391.54 466.90 35.00 -
Q1 2018 2,356.95 420.64 405.47 49.15 -
Q2 2018 2,752.49 434.66 377.44 62.50 -
Q3 2018 2,405.25 453.37 411.60 47.14 -
Q4 2018 2,404.97 491.69 446.89 37.63 -
Q1 2019 2,333.97 499.50 421.07 54.35 -
Q2 2019 2,782.58 527.14 394.60 60.88 -
Q3 2019 2,552.86 488.96 454.50 76.94 -
Q4 2019 2,540.58 608.99 479.13 75.24 -
Q1 2020 2,520.12 558.39 432.81 81.12 -
Q2 2020 2,966.24 614.62 424.22 76.77 -
Q3 2020 2,770.35 524.75 419.21 148.77 -
Q4 2020 2,666.97 595.02 435.72 121.87 -
Q1 2021 2,581.48 551.84 391.09 120.61 -
Q2 2021 2,895.63 566.18 400.92 142.84 -
Q3 2021 2,720.65 541.62 467.39 212.07 -
Q4 2021 2,943.57 641.81 529.47 142.55 -
Q1 2022 3,116.25 659.47 571.28 156.47 -
Q2 2022 3,136.00 736.35 567.52 170.58 -
Q3 2022 3,138.72 775.78 615.90 238.71 -
Q4 2022 3,113.15 841.84 684.60 199.65 -
Q1 2023 3,448.79 848.03 622.06 147.69 -
Q2 2023 3,178.75 849.41 620.99 143.20 -
Q3 2023 3,144.71 876.02 640.78 135.43 -
Q4 2023 3,130.31 944.88 700.63 143.91 -
Q1 2024 3,792.20 921.28 624.38 120.78 -

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 638.24 692.23 8.46 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
U-Capital 708.50 692.23 (2.3) %
Hermes 666.00 692.23 3.9 %
Sico 658.00 692.23 5.2 %
Goldman Sachs 650.00 692.23 6.5 %
SNB Capital 642.00 692.23 7.8 %
AlJazira Capital 618.40 692.23 11.9 %
Riyad Capital 604.00 692.23 14.6 %
Al Rajhi Capital 559.00 692.23 23.8 %

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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