Wafrah posts lower net profit at SAR 3.2m in I2 of 2014

30/06/2014 Argaam Exclusive

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Share Price

Wafrah for Industry & Development Co. (WAFRAH)

Wafrah for Industry & Development Company, reported SAR 3.2m net profit at the end of the first half of 2014, an 18% decrease compared to the same period last year, as shown in the following table:

Financials (M)

Item	6m 2013	6m 2014	Change‬
Revenues	46.93	48.80	4.0 %
Gross Income	15.53	17.77	14.4 %
Operating Income	4.94	3.98	(19.5 %)
Net Income	3.90	3.22	(17.6 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	0.20	0.16	(17.6 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2013	Q2 2014	Change‬
Revenues	25.56	26.71	4.5 %
Gross Income	8.48	9.61	13.3 %
Operating Income	3.24	2.40	(26.0 %)
Net Income	2.63	2.15	(18.3 %)
Average Shares	19.70	19.70	-
EPS (Riyals)	0.13	0.11	(18.3 %)

Item	Q1 2014	Q2 2014	Change‬
Revenues	22.09	26.71	20.9 %
Gross Income	8.15	9.61	17.9 %
Operating Income	1.58	2.40	52.2 %
Net Income	1.06	2.15	102.3 %
Average Shares	19.70	19.70	-
EPS (Riyals)	0.05	0.11	102.3 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	10.50	0.9 %	2.00	(55.0 %)	(1.05)	(773.1 %)	(0.05)
Q2 2005	13.20	(4.0 %)	3.80	(29.4 %)	0.05	(93.3 %)	0.00
Q3 2005	16.51	0.6 %	3.14	(44.0 %)	(0.86)	(167.6 %)	(0.04)
Q4 2005	11.44	(6.8 %)	2.91	(24.8 %)	(45.92)	(2,866.1 %)	(2.33)
2005	51.64	(2.3 %)	11.84	(38.6 %)	(47.77)	(7415.2 %)	(2.43)
Q1 2006	11.84	12.8 %	3.19	59.5 %	0.73	169.0 %	0.04
Q2 2006	13.92	5.5 %	3.52	(7.3 %)	44.37	85221.2 %	2.25
Q3 2006	14.62	(11.4 %)	3.64	16.0 %	0.90	204.8 %	0.05
Q4 2006	13.51	18.1 %	6.28	116.0 %	4.80	110.4 %	0.24
2006	53.89	4.3 %	16.63	40.4 %	50.79	206.3 %	2.58
Q1 2007	16.48	39.2 %	7.39	131.6 %	4.38	504.6 %	0.22
Q2 2007	18.55	33.3 %	8.51	141.5 %	3.34	(92.5 %)	0.17
Q3 2007	18.01	23.2 %	6.60	81.4 %	1.16	29.0 %	0.06
Q4 2007	11.92	(11.8 %)	3.07	(51.1 %)	(1.34)	(128.0 %)	(0.07)
2007	64.96	20.5 %	25.57	53.8 %	7.54	(85.2 %)	0.38
Q1 2008	17.03	3.4 %	5.90	(20.2 %)	2.86	(34.8 %)	0.15
Q2 2008	19.89	7.2 %	6.98	(18.0 %)	4.30	28.6 %	0.22
Q3 2008	26.07	44.8 %	10.12	53.4 %	7.42	541.2 %	0.38
Q4 2008	12.59	5.6 %	3.50	13.9 %	(0.45)	66.8 %	(0.02)
2008	75.59	16.4 %	26.49	3.6 %	14.13	87.4 %	0.72
Q1 2009	17.98	5.5 %	6.63	12.5 %	2.76	(3.3 %)	0.14
Q2 2009	20.72	4.2 %	7.06	1.2 %	1.84	(57.2 %)	0.09
Q3 2009	18.77	(28.0 %)	7.08	(30.0 %)	1.60	(78.4 %)	0.08
Q4 2009	13.80	9.6 %	4.14	18.6 %	(0.46)	(2.5 %)	(0.02)
2009	71.26	(5.7 %)	24.92	(5.9 %)	5.75	(59.3 %)	0.29
Q1 2010	19.33	7.5 %	8.13	22.5 %	3.05	10.4 %	0.15
Q2 2010	21.13	2.0 %	7.69	8.9 %	12.09	556.3 %	0.61
Q3 2010	20.18	7.5 %	7.25	2.4 %	2.25	40.5 %	0.11
Q4 2010	12.85	(6.9 %)	4.64	12.0 %	0.05	110.1 %	0.00
2010	73.50	3.1 %	27.71	11.2 %	17.43	203.2 %	0.89
Q1 2011	21.36	10.5 %	8.74	7.5 %	4.48	46.6 %	0.23
Q2 2011	24.05	13.8 %	8.29	7.8 %	2.44	(79.8 %)	0.12
Q3 2011	21.28	5.4 %	7.53	3.8 %	2.01	(10.4 %)	0.10
Q4 2011	15.20	18.3 %	4.14	(10.8 %)	0.90	1850.0 %	0.05
2011	81.89	11.4 %	28.70	3.6 %	9.83	(43.6 %)	0.50
Q1 2012	17.63	(17.5 %)	5.23	(40.1 %)	0.50	(88.9 %)	0.03
Q2 2012	25.02	4.0 %	9.21	11.1 %	3.52	44.3 %	0.18
Q3 2012	20.95	(1.6 %)	6.91	(8.2 %)	1.60	(20.8 %)	0.08
Q4 2012	16.48	8.4 %	5.29	27.8 %	0.23	(74.5 %)	0.01
2012	80.08	(2.2 %)	26.64	(7.2 %)	5.84	(40.6 %)	0.30
Q1 2013	21.36	21.2 %	7.04	34.6 %	1.27	156.4 %	0.06
Q2 2013	25.56	2.2 %	8.48	(7.8 %)	2.63	(25.2 %)	0.13
Q3 2013	20.34	(2.9 %)	6.64	(4.0 %)	1.00	(37.4 %)	0.05
Q4 2013	18.89	14.6 %	5.99	13.3 %	2.21	866.8 %	0.11
2013	86.16	7.6 %	28.16	5.7 %	7.12	21.9 %	0.36
Q1 2014	22.09	3.4 %	8.15	15.8 %	1.06	(16.2 %)	0.05
Q2 2014	26.71	4.5 %	9.61	13.3 %	2.15	(18.3 %)	0.11

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	52.84	29.1 %	19.30	24.4 %	0.65	133.9 %	0.03
2005	51.64	(2.3 %)	11.84	(38.6 %)	(47.77)	(7415.2 %)	(2.43)
2006	53.89	4.3 %	16.63	40.4 %	50.79	206.3 %	2.58
2007	64.96	20.5 %	25.57	53.8 %	7.54	(85.2 %)	0.38
2008	75.59	16.4 %	26.49	3.6 %	14.13	87.4 %	0.72
2009	71.26	(5.7 %)	24.92	(5.9 %)	5.75	(59.3 %)	0.29
2010	73.50	3.1 %	27.71	11.2 %	17.43	203.2 %	0.89
2011	81.89	11.4 %	28.70	3.6 %	9.83	(43.6 %)	0.50
2012	80.08	(2.2 %)	26.64	(7.2 %)	5.84	(40.6 %)	0.30
2013	86.16	7.6 %	28.16	5.7 %	7.12	21.9 %	0.36

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	31.84 %	17.40 %	(1.04 %)
Q2 2005	29.15 %	16.16 %	(2.44 %)
Q3 2005	24.39 %	19.15 %	(6.48 %)
Q4 2005	22.94 %	14.84 %	(11.92 %)
2005	22.94 %	14.84 %	(11.92 %)
Q1 2006	24.60 %	16.19 %	(8.27 %)
Q2 2006	23.75 %	13.84 %	(10.73 %)
Q3 2006	25.59 %	8.41 %	(7.74 %)
Q4 2006	30.86 %	20.35 %	9.44 %
2006	30.86 %	20.35 %	9.44 %
Q1 2007	35.59 %	24.65 %	14.95 %
Q2 2007	40.87 %	31.60 %	21.25 %
Q3 2007	43.24 %	32.19 %	20.56 %
Q4 2007	39.36 %	28.52 %	11.61 %
2007	39.36 %	28.52 %	11.61 %
Q1 2008	36.75 %	26.27 %	9.18 %
Q2 2008	33.72 %	22.67 %	10.43 %
Q3 2008	34.79 %	26.11 %	17.67 %
Q4 2008	35.05 %	24.06 %	18.70 %
2008	35.05 %	24.06 %	18.70 %
Q1 2009	35.58 %	24.19 %	18.34 %
Q2 2009	35.30 %	23.10 %	14.97 %
Q3 2009	34.65 %	19.33 %	8.22 %
Q4 2009	34.97 %	19.53 %	8.07 %
2009	34.98 %	19.53 %	8.07 %
Q1 2010	36.38 %	19.58 %	8.31 %
Q2 2010	37.04 %	19.89 %	8.98 %
Q3 2010	36.56 %	20.76 %	9.65 %
Q4 2010	37.70 %	21.88 %	10.37 %
2010	37.70 %	21.88 %	10.37 %
Q1 2011	37.50 %	21.86 %	11.98 %
Q2 2011	36.87 %	22.28 %	11.63 %
Q3 2011	36.71 %	22.07 %	11.19 %
Q4 2011	35.04 %	20.52 %	12.00 %
2011	35.04 %	20.52 %	12.00 %
Q1 2012	32.23 %	18.12 %	7.48 %
Q2 2012	32.99 %	18.86 %	8.75 %
Q3 2012	32.35 %	18.17 %	8.26 %
Q4 2012	33.27 %	19.40 %	7.29 %
2012	33.27 %	19.40 %	7.29 %
Q1 2013	33.94 %	19.32 %	7.89 %
Q2 2013	32.87 %	17.81 %	6.79 %
Q3 2013	32.78 %	16.81 %	6.13 %
Q4 2013	32.68 %	16.52 %	7.91 %
2013	32.68 %	16.52 %	7.91 %
Q1 2014	33.68 %	16.08 %	7.61 %
Q2 2014	34.53 %	14.82 %	6.96 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	36.53 %	19.73 %	1.24 %
2005	22.94 %	14.84 %	(11.92 %)
2006	30.86 %	20.35 %	9.44 %
2007	39.36 %	28.52 %	11.61 %
2008	35.05 %	24.06 %	18.70 %
2009	34.98 %	19.53 %	8.07 %
2010	37.70 %	21.88 %	10.37 %
2011	35.04 %	20.52 %	12.00 %
2012	33.27 %	19.40 %	7.29 %
2013	32.68 %	16.52 %	7.91 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	19.07 %	12.55 %	(10.00 %)
Q2 2005	28.82 %	18.26 %	0.39 %
Q3 2005	18.99 %	31.98 %	(5.19 %)
Q4 2005	25.38 %	(11.75 %)	(37.58 %)
Q1 2006	26.97 %	18.89 %	6.12 %
Q2 2006	25.33 %	9.08 %	(9.57 %)
Q3 2006	24.88 %	15.09 %	6.14 %
Q4 2006	46.45 %	38.95 %	35.51 %
Q1 2007	44.87 %	34.57 %	26.60 %
Q2 2007	45.87 %	36.61 %	18.03 %
Q3 2007	36.65 %	20.37 %	6.43 %
Q4 2007	25.74 %	19.89 %	(11.26 %)
Q1 2008	34.63 %	25.73 %	16.78 %
Q2 2008	35.09 %	23.79 %	21.63 %
Q3 2008	38.82 %	30.97 %	28.45 %
Q4 2008	27.76 %	7.90 %	(3.54 %)
Q1 2009	36.90 %	26.23 %	15.37 %
Q2 2009	34.08 %	19.71 %	8.89 %
Q3 2009	37.75 %	19.97 %	8.52 %
Q4 2009	30.03 %	9.94 %	(3.31 %)
Q1 2010	42.05 %	25.96 %	15.77 %
Q2 2010	36.39 %	20.75 %	11.20 %
Q3 2010	35.93 %	23.17 %	11.05 %
Q4 2010	36.11 %	15.57 %	(0.19 %)
Q1 2011	40.92 %	25.51 %	20.95 %
Q2 2011	34.46 %	22.26 %	10.15 %
Q3 2011	35.37 %	22.31 %	9.46 %
Q4 2011	27.24 %	8.25 %	5.90 %
Q1 2012	29.68 %	15.94 %	2.81 %
Q2 2012	36.79 %	24.44 %	14.07 %
Q3 2012	32.98 %	19.77 %	7.61 %
Q4 2012	32.10 %	14.98 %	1.39 %
Q1 2013	32.97 %	16.21 %	5.94 %
Q2 2013	33.18 %	19.38 %	10.30 %
Q3 2013	32.62 %	15.70 %	4.91 %
Q4 2013	31.72 %	13.89 %	10.14 %
Q1 2014	36.92 %	14.50 %	4.82 %
Q2 2014	35.99 %	15.06 %	8.06 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	19.70	(0.03)	(0.03)	8.26
Q2 2005	19.70	(0.06)	(0.06)	8.27
Q3 2005	19.70	(0.17)	(0.17)	7.44
Q4 2005	19.70	(2.43)	(0.31)	5.09
Q1 2006	19.70	(2.34)	(0.22)	5.09
Q2 2006	19.70	(0.09)	(0.29)	7.29
Q3 2006	19.70	0.00	(0.20)	7.32
Q4 2006	19.70	2.58	0.26	7.54
Q1 2007	19.70	2.76	0.44	7.76
Q2 2007	19.70	0.68	0.68	8.03
Q3 2007	19.70	0.69	0.69	8.09
Q4 2007	19.70	0.38	0.38	8.03
Q1 2008	19.70	0.31	0.31	8.18
Q2 2008	19.70	0.35	0.35	8.40
Q3 2008	19.70	0.67	0.67	8.76
Q4 2008	19.70	0.72	0.72	8.64
Q1 2009	19.70	0.71	0.71	8.78
Q2 2009	19.70	0.59	0.59	8.91
Q3 2009	19.70	0.29	0.29	9.00
Q4 2009	19.70	0.29	0.29	8.97
Q1 2010	19.70	0.31	0.31	9.13
Q2 2010	19.70	0.83	0.33	9.74
Q3 2010	19.70	0.86	0.36	9.86
Q4 2010	19.70	0.89	0.39	9.86
Q1 2011	19.70	0.96	0.46	10.10
Q2 2011	19.70	0.47	0.46	10.24
Q3 2011	19.70	0.46	0.45	10.33
Q4 2011	19.70	0.50	0.50	10.38
Q1 2012	19.70	0.30	0.30	10.46
Q2 2012	19.70	0.35	0.35	10.61
Q3 2012	19.70	0.33	0.33	10.71
Q4 2012	19.70	0.30	0.30	10.72
Q1 2013	19.70	0.34	0.34	10.81
Q2 2013	19.70	0.29	0.29	10.98
Q3 2013	19.70	0.26	0.26	11.05
Q4 2013	19.70	0.36	0.35	11.19
Q1 2014	19.70	0.35	0.34	11.29
Q2 2014	19.70	0.33	0.31	11.43

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	19.70	0.03	0.03	8.32
2005	19.70	(2.43)	(0.31)	5.09
2006	19.70	2.58	0.26	7.54
2007	19.70	0.38	0.38	8.03
2008	19.70	0.72	0.72	8.64
2009	19.70	0.29	0.29	8.97
2010	19.70	0.89	0.39	9.86
2011	19.70	0.50	0.50	10.38
2012	19.70	0.30	0.30	10.72
2013	19.70	0.36	0.35	11.19

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	NEG	NEG	2.96
Q2 2005	NEG	NEG	3.86
Q3 2005	NEG	NEG	7.27
Q4 2005	NEG	NEG	13.49
Q1 2006	NEG	NEG	14.59
Q2 2006	NEG	NEG	13.54
Q3 2006	More than 50	NEG	19.79
Q4 2006	16.54	More than 50	5.65
Q1 2007	17.59	More than 50	6.27
Q2 2007	More than 50	More than 50	4.83
Q3 2007	More than 50	More than 50	6.08
Q4 2007	More than 50	More than 50	5.76
Q1 2008	More than 50	More than 50	3.83
Q2 2008	More than 50	More than 50	3.30
Q3 2008	23.88	23.88	1.83
Q4 2008	18.54	18.54	1.54
Q1 2009	21.51	21.51	1.75
Q2 2009	44.45	44.45	2.93
Q3 2009	More than 50	More than 50	2.58
Q4 2009	More than 50	More than 50	2.65
Q1 2010	More than 50	More than 50	2.76
Q2 2010	23.81	More than 50	2.02
Q3 2010	22.49	More than 50	1.96
Q4 2010	21.91	More than 50	1.97
Q1 2011	19.26	40.14	1.82
Q2 2011	More than 50	More than 50	2.77
Q3 2011	More than 50	More than 50	2.62
Q4 2011	More than 50	More than 50	3.24
Q1 2012	More than 50	More than 50	3.48
Q2 2012	More than 50	More than 50	2.41
Q3 2012	More than 50	More than 50	2.80
Q4 2012	More than 50	More than 50	2.77
Q1 2013	More than 50	More than 50	4.04
Q2 2013	More than 50	More than 50	3.52
Q3 2013	More than 50	More than 50	3.28
Q4 2013	More than 50	More than 50	3.41
Q1 2014	More than 50	More than 50	3.69
Q2 2014	More than 50	More than 50	6.19

Period	P/E	Adjusted P/E	Price/book
2004	More than 50	More than 50	3.59
2005	NEG	NEG	13.49
2006	16.54	More than 50	5.65
2007	More than 50	More than 50	5.76
2008	18.54	18.54	1.54
2009	More than 50	More than 50	2.65
2010	21.91	More than 50	1.97
2011	More than 50	More than 50	3.24
2012	More than 50	More than 50	2.77
2013	More than 50	More than 50	3.41

Business Segments (Million)

Compared With The

Period	Pasta sector	Vegetable sector	Breakfast beans sector	Food Factory	Dates Factory
Q3 2007	7.48	7.23	0.58	2.72	-
Q4 2007	2.48	6.08	0.73	2.63	-
Q3 2008	16.11	6.66	0.40	2.91	-
Q4 2008	3.42	6.10	0.23	2.83	-
Q1 2009	7.85	6.78	0.56	2.79	-
Q1 2010	7.71	7.44	0.35	3.84	-
Q3 2011	11.13	8.18	0.10	1.87	-
Q4 2011	4.87	7.78	0.16	2.39	-
Q1 2012	8.72	6.33	0.19	2.40	-
Q2 2012	15.37	7.12	0.25	2.28	-
Q3 2012	11.47	6.39	0.32	2.76	-
Q4 2012	5.43	8.49	0.11	2.46	-
Q1 2013	9.13	9.50	0.06	2.67	-
Q2 2013	15.90	7.34	-	2.35	-
Q3 2013	9.97	7.65	0.17	2.55	-
Q4 2013	4.66	10.89	0.12	3.23	-
Q1 2014	7.93	11.81	0.10	2.24	-
Q2 2014	14.55	9.95	0.09	2.12	-

Period	Pasta sector	Vegetable sector	Breakfast beans sector	Food Factory	Dates Factory
2007	15.54	35.87	2.65	10.89	-
2008	35.27	26.77	2.34	11.21	-
2009	31.99	26.19	1.86	11.22	-
2010	35.55	27.59	1.12	9.24	-
2011	38.29	33.31	1.08	9.21	-
2012	40.98	28.33	0.87	9.89	-
2013	39.66	35.37	0.33	10.80	-

Financial Ratios

	Current
Market Cap (M Riyal)	1,122.78
Enterprise Value (EV) (M)	1,070.37
Shares Outstanding ((M))	23.15
EPS ( Riyal) (TTM)	1.12
Book Value (BV) ( Riyal)	10.50
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	43.21
P/E (TTM)	43.21
Price/book	4.62
Return on Average Assets (%) (TTM)	8.2
Return on Average Equity (%) (TTM)	11.2

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Wafrah posts lower net profit at SAR 3.2m in I2 of 2014

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Share Price

Wafrah for Industry & Development Co. (WAFRAH)

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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Wafrah posts lower net profit at SAR 3.2m in I2 of 2014

View other reports

Share Price

Wafrah for Industry & Development Co. (WAFRAH)

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)