SADAFCO’s net profit rises 21% in 9M 2019/20

26/01/2020 Argaam Exclusive

Saudia Dairy & Foodstuff Company (SADAFCO) reported a net profit after zakat and tax of SAR 191.1 million in the first 9 months ended December 2019, a rise of 21.4% year-on-year (YoY), on higher sales and improved ice cream seasonal sales.

 

The nine-month figures were also bolstered by generating an additional profit from its 76%-owned subsidiary Mlekoma’s quarterly results.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 1,349.46 1,494.78 10.8 %
Gross Income 419.15 509.37 21.5 %
Operating Income 160.10 200.94 25.5 %
Net Income 158.44 191.77 21.0 %
Average Shares 32.50 32.50 -
EPS (Riyals) 4.88 5.90 21.0 %

The Q3 2019/20 net profit after zakat and tax climbed 27% YoY to SAR 68.1 million, driven by higher sales, lower discounts and production efficiency, despite raw materials cost inflation.

 

When compared to Q2 2019/20, net profit rose by 4.5%.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 462.67 488.47 5.6 %
Gross Income 139.80 176.12 26.0 %
Operating Income 55.20 72.58 31.5 %
Net Income 54.15 68.32 26.2 %
Average Shares 32.50 32.50 -
EPS (Riyals) 1.67 2.10 26.2 %

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Share Price

Saudia Dairy and Foodstuff Co.
344.20
(4.80) (1.38 %)

Saudia Dairy and Foodstuff Co. (SADAFCO)

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Financial Ratios
Current
Market Cap (M Riyal) 11,186.50
Enterprise Value (EV) (M) 10,591.35
Shares Outstanding ((M)) 32.50
EPS ( Riyal) (TTM) 15.25
Book Value (BV) ( Riyal) 52.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.77
P/E (TTM) 22.57
Price/book 6.51
Return on Average Assets (%) (TTM) 18.7
Return on Average Equity (%) (TTM) 28.2
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 262.46 3.3 % 94.38 26.8 % 23.36 15.7 %
Q2 2010 277.20 4.0 % 92.91 (15.6 %) 35.62 3.1 %
Q3 2010 300.54 18.0 % 89.74 (5.2 %) 35.73 9.1 %
Q4 2010 294.21 19.0 % 91.09 5.7 % 31.02 (21.2 %)
Q1 2011 329.86 25.7 % 105.79 12.1 % 29.20 25.0 %
Q2 2011 352.97 27.3 % 107.99 16.2 % 42.74 20.0 %
Q3 2011 342.41 13.9 % 102.65 14.4 % 42.41 18.7 %
Q4 2011 310.44 5.5 % 98.90 8.6 % 39.50 27.3 %
Q1 2012 410.58 24.5 % 126.84 19.9 % 35.35 21.1 %
Q2 2012 386.82 9.6 % 121.53 12.5 % 49.03 14.7 %
Q3 2012 383.20 11.9 % 115.76 12.8 % 39.08 (7.9 %)
Q4 2012 368.43 18.7 % 110.90 12.1 % 52.13 32.0 %
Q1 2013 427.85 4.2 % 128.47 1.3 % 37.16 5.1 %
Q2 2013 379.65 (1.9 %) 125.10 2.9 % 51.65 5.3 %
Q3 2013 358.83 (6.4 %) 117.99 1.9 % 41.30 5.7 %
Q4 2013 386.49 4.9 % 121.59 9.6 % 53.84 3.3 %
Q1 2014 463.61 8.4 % 137.24 6.8 % 38.28 3.0 %
Q2 2014 431.30 13.6 % 129.56 3.6 % 51.69 0.1 %
Q3 2014 447.79 24.8 % 126.94 7.6 % 31.68 (23.3 %)
Q4 2014 464.18 20.1 % 158.54 30.4 % 33.95 (36.9 %)
Q1 2015 520.68 12.3 % 179.73 31.0 % 62.22 62.6 %
Q2 2015 481.93 11.7 % 166.21 28.3 % 58.10 12.4 %
Q3 2015 496.12 10.8 % 171.89 35.4 % 72.07 127.5 %
Q4 2015 484.04 4.3 % 190.80 20.3 % 83.28 145.3 %
Q1 2016 475.74 (8.6 %) 192.24 7.0 % 85.43 37.3 %
Q2 2016 445.03 (7.7 %) 171.79 3.4 % 82.49 42.0 %
Q3 2016 436.09 (12.1 %) 158.98 (7.5 %) 71.13 (1.3 %)
Q4 2016 430.00 (11.2 %) 167.25 (12.3 %) 73.57 (11.7 %)
Q1 2017 452.83 (4.8 %) 175.18 (8.9 %) 80.98 (5.2 %)
Q2 2017 441.31 (0.8 %) 171.32 (0.3 %) 75.95 (7.9 %)
Q3 2017 419.93 (3.7 %) 149.44 (6.0 %) 62.60 (12.0 %)
Q4 2017 378.61 (11.9 %) 137.73 (17.7 %) 55.89 (24.0 %)
Q1 2018 410.17 (9.4 %) 133.52 (23.8 %) 50.36 (37.8 %)
Q2 2018 476.62 8.0 % 145.83 (14.9 %) 54.54 (28.2 %)
Q3 2018 462.67 10.2 % 139.80 (6.5 %) 55.20 (11.8 %)
Q4 2018 463.50 22.4 % 161.15 17.0 % 61.89 10.7 %
Q1 2019 485.23 18.3 % 156.47 17.2 % 61.13 21.4 %
Q2 2019 521.08 9.3 % 176.78 21.2 % 67.22 23.3 %
Q3 2019 488.47 5.6 % 176.12 26.0 % 72.58 31.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 21.60 16.6 % 0.66 - 21.60 0.66
Q2 2010 33.98 10.7 % 1.05 - 33.98 1.05
Q3 2010 41.44 15.6 % 1.28 - 41.44 1.28
Q4 2010 32.52 (72.5 %) 1.00 (1.56) 35.01 1.08
Q1 2011 27.29 26.4 % 0.84 - 27.29 0.84
Q2 2011 39.93 17.5 % 1.23 - 39.93 1.23
Q3 2011 42.59 2.8 % 1.31 - 42.59 1.31
Q4 2011 42.08 29.4 % 1.29 - 42.08 1.29
Q1 2012 31.77 16.4 % 0.98 - 31.77 0.98
Q2 2012 46.06 15.4 % 1.42 - 46.06 1.42
Q3 2012 35.54 (16.6 %) 1.09 - 35.54 1.09
Q4 2012 50.89 21.0 % 1.57 - 50.89 1.57
Q1 2013 32.89 3.5 % 1.01 - 32.89 1.01
Q2 2013 46.45 0.8 % 1.43 - 46.45 1.43
Q3 2013 38.69 8.9 % 1.19 - 38.69 1.19
Q4 2013 51.79 1.8 % 1.59 - 51.79 1.59
Q1 2014 34.03 3.5 % 1.05 - 34.03 1.05
Q2 2014 47.63 2.6 % 1.47 - 47.63 1.47
Q3 2014 30.10 (22.2 %) 0.93 - 30.10 0.93
Q4 2014 29.19 (43.6 %) 0.90 - 29.19 0.90
Q1 2015 58.29 71.3 % 1.79 - 58.29 1.79
Q2 2015 53.91 13.2 % 1.66 - 53.91 1.66
Q3 2015 68.13 126.4 % 2.10 - 68.13 2.10
Q4 2015 79.88 173.7 % 2.46 - 79.88 2.46
Q1 2016 81.15 39.2 % 2.50 - 81.15 2.50
Q2 2016 80.85 50.0 % 2.49 - 80.85 2.49
Q3 2016 67.84 (0.4 %) 2.09 - 67.84 2.09
Q4 2016 73.84 (7.6 %) 2.27 - 73.84 2.27
Q1 2017 77.07 (5.0 %) 2.37 - 77.07 2.37
Q2 2017 75.16 (7.0 %) 2.31 - 75.16 2.31
Q3 2017 58.52 (13.7 %) 1.80 - 58.52 1.80
Q4 2017 50.13 (32.1 %) 1.54 - 50.13 1.54
Q1 2018 50.20 (34.9 %) 1.54 - 50.20 1.54
Q2 2018 54.09 (28.0 %) 1.66 - 54.09 1.66
Q3 2018 54.15 (7.5 %) 1.67 - 54.15 1.67
Q4 2018 59.95 19.6 % 1.84 - 59.95 1.84
Q1 2019 58.28 16.1 % 1.79 - 58.28 1.79
Q2 2019 65.16 20.5 % 2.00 - 65.16 2.00
Q3 2019 68.32 26.2 % 2.10 - 68.32 2.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 37.38 % 16.00 % 10.82 %
Q2 2010 35.35 % 16.34 % 11.05 %
Q3 2010 33.40 % 15.92 % 11.69 %
Q4 2010 32.45 % 14.57 % 11.64 %
Q1 2011 31.58 % 14.32 % 11.46 %
Q2 2011 30.89 % 13.80 % 11.25 %
Q3 2011 30.89 % 13.97 % 10.98 %
Q4 2011 31.09 % 14.58 % 11.37 %
Q1 2012 30.81 % 14.31 % 11.04 %
Q2 2012 31.02 % 14.48 % 11.20 %
Q3 2012 31.05 % 13.93 % 10.42 %
Q4 2012 30.67 % 14.30 % 10.60 %
Q1 2013 30.43 % 14.29 % 10.56 %
Q2 2013 30.80 % 14.72 % 10.63 %
Q3 2013 31.44 % 15.25 % 11.01 %
Q4 2013 31.76 % 15.51 % 10.94 %
Q1 2014 31.60 % 15.58 % 10.76 %
Q2 2014 30.87 % 15.26 % 10.50 %
Q3 2014 29.80 % 14.13 % 9.46 %
Q4 2014 30.57 % 12.56 % 7.80 %
Q1 2015 31.91 % 13.56 % 8.86 %
Q2 2015 32.98 % 13.61 % 8.96 %
Q3 2015 34.46 % 15.75 % 10.67 %
Q4 2015 35.74 % 18.05 % 13.12 %
Q1 2016 37.21 % 19.66 % 14.61 %
Q2 2016 38.23 % 21.33 % 16.31 %
Q3 2016 38.78 % 21.64 % 16.82 %
Q4 2016 38.63 % 21.05 % 17.00 %
Q1 2017 38.16 % 20.91 % 16.98 %
Q2 2017 38.22 % 20.43 % 16.70 %
Q3 2017 38.03 % 19.99 % 16.32 %
Q4 2017 37.44 % 20.13 % 15.41 %
Q1 2018 35.88 % 18.82 % 14.18 %
Q2 2018 33.61 % 17.17 % 12.63 %
Q3 2018 32.23 % 16.41 % 12.07 %
Q4 2018 32.01 % 16.13 % 12.05 %
Q1 2019 31.95 % 16.44 % 12.00 %
Q2 2019 32.82 % 17.12 % 12.29 %
Q3 2019 34.24 % 18.23 % 12.85 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 32.50 6.35 3.43 19.56
Q2 2010 32.50 6.45 3.54 20.66
Q3 2010 32.50 6.62 3.91 21.77
Q4 2010 32.50 3.99 4.06 22.46
Q1 2011 32.50 4.16 4.24 20.29
Q2 2011 32.50 4.34 4.42 21.53
Q3 2011 32.50 4.38 4.46 22.85
Q4 2011 32.50 4.67 4.67 24.10
Q1 2012 32.50 4.81 4.81 22.02
Q2 2012 32.50 5.00 5.00 23.45
Q3 2012 32.50 4.78 4.78 24.53
Q4 2012 32.50 5.05 5.05 26.12
Q1 2013 32.50 5.09 5.09 24.11
Q2 2013 32.50 5.10 5.10 25.52
Q3 2013 32.50 5.20 5.20 26.67
Q4 2013 32.50 5.23 5.23 28.35
Q1 2014 32.50 5.26 5.26 25.91
Q2 2014 32.50 5.30 5.30 27.37
Q3 2014 32.50 5.03 5.03 28.26
Q4 2014 32.50 4.34 4.34 29.17
Q1 2015 32.50 5.08 5.08 27.46
Q2 2015 32.50 5.28 5.28 29.12
Q3 2015 32.50 6.45 6.45 31.15
Q4 2015 32.50 8.01 8.01 33.61
Q1 2016 32.50 8.71 8.71 31.88
Q2 2016 32.50 9.54 9.54 34.42
Q3 2016 32.50 9.53 9.53 36.56
Q4 2016 32.50 9.34 9.34 38.80
Q1 2017 32.50 9.22 9.22 37.17
Q2 2017 32.50 9.04 9.04 39.49
Q3 2017 32.50 8.76 8.76 39.29
Q4 2017 32.50 8.03 8.03 40.65
Q1 2018 32.50 7.20 7.20 42.22
Q2 2018 32.50 6.55 6.55 41.16
Q3 2018 32.50 6.42 6.42 40.82
Q4 2018 32.50 6.72 6.72 41.18
Q1 2019 32.50 6.97 6.97 41.01
Q2 2019 32.50 7.31 7.31 43.01
Q3 2019 32.50 7.75 7.75 42.64

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 7.12 13.17 2.31
Q2 2010 6.36 11.57 1.98
Q3 2010 5.63 9.54 1.71
Q4 2010 10.61 10.41 1.88
Q1 2011 10.33 10.15 2.12
Q2 2011 10.31 10.13 2.08
Q3 2011 9.36 9.20 1.79
Q4 2011 9.89 9.89 1.92
Q1 2012 12.16 12.16 2.66
Q2 2012 11.30 11.30 2.41
Q3 2012 12.23 12.23 2.39
Q4 2012 12.81 12.81 2.48
Q1 2013 12.82 12.82 2.71
Q2 2013 17.01 17.01 3.40
Q3 2013 17.84 17.84 3.48
Q4 2013 16.51 16.51 3.04
Q1 2014 18.15 18.15 3.69
Q2 2014 19.06 19.06 3.69
Q3 2014 24.65 24.65 4.39
Q4 2014 27.42 27.42 4.08
Q1 2015 23.74 23.74 4.39
Q2 2015 27.09 27.09 4.91
Q3 2015 21.02 21.02 4.35
Q4 2015 13.99 13.99 3.33
Q1 2016 14.23 14.23 3.89
Q2 2016 15.61 15.61 4.33
Q3 2016 12.91 12.91 3.37
Q4 2016 13.33 13.33 3.21
Q1 2017 14.35 14.35 3.56
Q2 2017 13.73 13.73 3.14
Q3 2017 13.64 13.64 3.04
Q4 2017 16.31 16.31 3.22
Q1 2018 16.37 16.37 2.79
Q2 2018 14.38 14.38 2.29
Q3 2018 14.02 14.02 2.20
Q4 2018 14.94 14.94 2.44
Q1 2019 14.84 14.84 2.52
Q2 2019 15.73 15.73 2.67
Q3 2019 17.30 17.30 3.14

Business Segments (Million)

Compared With The
Period Drinks Non-drinks
Q1 2016 311.95 163.79
Q2 2016 306.89 138.14
Q3 2016 297.45 138.64
Q4 2016 298.79 131.17
Q1 2017 285.15 167.68
Q2 2017 304.61 136.70
Q3 2017 268.91 151.02
Q4 2017 270.84 107.78
Q1 2018 247.91 162.26
Q2 2018 278.67 197.96
Q3 2018 280.46 182.20
Q4 2018 287.69 175.81
Q1 2019 278.48 206.75
Q2 2019 310.46 210.62
Q3 2019 325.65 162.81

Analysts Estimates (Million)

Item Q3 2019 (e) Q3 2019 (a) Change‬
Average 55.00 68.32 24.22 %

Estimates vs Actual (Million)

Item Q3 2019 (e) Q3 2019 (a) Change
Al Rajhi Capital 55.00 68.32 24.2 %

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