Savola posts higher net profit at SAR 936.5m in I2 of 2014

30/06/2014 Argaam Exclusive

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Savola Group
45.45
(0.50) (1.09 %)

Savola Group (SAVOLA GROUP)

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Savola Group, Saudi Arabia's largest non-petrochemical industrial group, reported SAR  936.5m net profit at the end of the first half of 2014, a 37% increase compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 13,913.19 13,577.42 (2.4 %)
Gross Income 2,654.23 2,344.32 (11.7 %)
Operating Income 1,081.05 699.85 (35.3 %)
Net Income 682.96 936.53 37.1 %
Average Shares 508.50 533.98 5.0 %
EPS (Riyals) 1.34 1.75 30.6 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 6,723.33 7,336.58 9.1 %
Gross Income 1,263.61 1,251.38 (1.0 %)
Operating Income 479.79 402.68 (16.1 %)
Net Income 387.76 513.27 32.4 %
Average Shares 508.50 533.98 5.0 %
EPS (Riyals) 0.76 0.96 26.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 1,551.24 38.7 % 240.86 20.2 % 106.06 60.3 % 0.24
Q2 2005 1,613.39 30.4 % 277.00 24.0 % 112.54 25.1 % 0.25
Q3 2005 1,844.23 49.4 % 353.95 66.3 % 791.42 660.7 % 1.78
Q4 2005 1,903.17 (5.4 %) 339.86 20.7 % 192.16 (20.7 %) 0.43
Q1 2006 1,922.71 23.9 % 318.93 32.4 % 135.80 28.0 % 0.27
Q2 2006 2,147.77 33.1 % 377.16 36.2 % 245.97 118.6 % 0.49
Q3 2006 2,560.31 38.8 % 454.49 28.4 % 533.78 (32.6 %) 1.07
Q4 2006 2,465.90 29.6 % 392.78 15.6 % 233.03 21.3 % 0.47
Q1 2007 2,247.62 16.9 % 378.12 18.6 % 137.46 1.2 % 0.27
Q2 2007 2,752.38 28.2 % 410.19 8.8 % 763.77 210.5 % 1.53
Q3 2007 2,779.50 8.6 % 463.44 2.0 % 151.39 (71.6 %) 0.30
Q4 2007 2,630.03 6.7 % 451.93 15.1 % 177.41 (23.9 %) 0.35
Q1 2008 2,996.43 33.3 % 481.74 27.4 % 250.48 82.2 % 0.50
Q2 2008 3,312.54 20.4 % 549.44 33.9 % 257.69 (66.3 %) 0.52
Q3 2008 3,919.41 41.0 % 511.13 10.3 % 158.04 4.4 % 0.32
Q4 2008 3,593.00 36.6 % 272.02 (39.8 %) (463.85) (361.5 %) (0.93)
Q1 2009 3,635.04 21.3 % 616.32 27.9 % 192.55 (23.1 %) 0.39
Q2 2009 4,356.80 31.5 % 776.33 41.3 % 212.50 (17.5 %) 0.43
Q3 2009 5,103.67 30.2 % 947.50 85.4 % 277.89 75.8 % 0.56
Q4 2009 4,821.69 34.2 % 767.16 182.0 % 268.62 157.9 % 0.54
Q1 2010 4,778.78 31.5 % 804.53 30.5 % 394.04 104.6 % 0.79
Q2 2010 4,868.07 11.7 % 709.82 (8.6 %) 207.65 (2.3 %) 0.42
Q3 2010 5,657.53 10.9 % 906.14 (4.4 %) 282.99 1.8 % 0.57
Q4 2010 5,725.10 18.7 % 994.74 29.7 % 2.02 (99.2 %) 0.00
Q1 2011 5,641.74 18.1 % 866.33 7.7 % 165.16 (58.1 %) 0.33
Q2 2011 6,312.58 29.7 % 959.88 35.2 % 230.74 11.1 % 0.46
Q3 2011 6,816.63 20.5 % 981.97 8.4 % 307.89 8.8 % 0.62
Q4 2011 6,424.75 12.2 % 1,162.55 16.9 % 498.59 24607.3 % 1.00
Q1 2012 6,588.97 16.8 % 995.71 14.9 % 242.31 46.7 % 0.48
Q2 2012 6,989.08 10.7 % 1,193.39 24.3 % 341.32 47.9 % 0.68
Q3 2012 6,869.78 0.8 % 1,161.19 18.3 % 405.22 31.6 % 0.81
Q4 2012 6,943.66 8.1 % 1,411.28 21.4 % 413.36 (17.1 %) 0.83
Q1 2013 7,189.86 9.1 % 1,390.62 39.7 % 295.20 21.8 % 0.58
Q2 2013 6,723.33 (3.8 %) 1,263.61 5.9 % 387.76 13.6 % 0.76
Q3 2013 6,320.13 (8.0 %) 1,167.37 0.5 % 457.36 12.9 % 0.90
Q4 2013 5,047.40 (27.3 %) 951.93 (32.5 %) 564.16 36.5 % 1.11
Q1 2014 6,240.84 (13.2 %) 1,092.94 (21.4 %) 423.26 43.4 % 0.79
Q2 2014 7,336.58 9.1 % 1,251.38 (1.0 %) 513.27 32.4 % 0.96

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 15.88 % 7.13 % 7.55 %
Q2 2005 15.79 % 6.85 % 7.46 %
Q3 2005 16.43 % 6.71 % 16.60 %
Q4 2005 17.53 % 8.51 % 14.91 %
Q1 2006 17.71 % 8.45 % 14.56 %
Q2 2006 17.78 % 8.26 % 15.27 %
Q3 2006 17.46 % 8.58 % 10.97 %
Q4 2006 16.97 % 8.19 % 11.42 %
Q1 2007 17.01 % 8.21 % 11.04 %
Q2 2007 16.31 % 8.57 % 15.54 %
Q3 2007 16.05 % 8.40 % 11.47 %
Q4 2007 16.37 % 7.79 % 11.82 %
Q1 2008 16.20 % 7.36 % 12.04 %
Q2 2008 16.61 % 7.05 % 7.14 %
Q3 2008 15.51 % 6.35 % 6.56 %
Q4 2008 13.13 % 7.49 % 1.46 %
Q1 2009 13.48 % 7.68 % 1.00 %
Q2 2009 14.03 % 8.25 % 0.64 %
Q3 2009 15.65 % 9.45 % 1.31 %
Q4 2009 17.34 % 9.16 % 3.54 %
Q1 2010 17.29 % 8.89 % 3.34 %
Q2 2010 16.50 % 8.17 % 3.22 %
Q3 2010 15.84 % 7.64 % 3.15 %
Q4 2010 16.24 % 8.34 % 3.82 %
Q1 2011 15.88 % 8.17 % 3.53 %
Q2 2011 15.97 % 8.13 % 3.41 %
Q3 2011 15.52 % 7.78 % 3.36 %
Q4 2011 15.76 % 7.23 % 4.17 %
Q1 2012 15.68 % 7.39 % 4.31 %
Q2 2012 16.16 % 7.80 % 4.61 %
Q3 2012 16.79 % 8.26 % 4.97 %
Q4 2012 17.38 % 8.64 % 4.95 %
Q1 2013 18.42 % 9.48 % 5.03 %
Q2 2013 18.85 % 9.69 % 5.25 %
Q3 2013 19.25 % 9.79 % 5.55 %
Q4 2013 18.88 % 9.44 % 5.95 %
Q1 2014 18.40 % 8.63 % 6.69 %
Q2 2014 17.89 % 8.17 % 6.88 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 444.63 1.22 1.03 4.76
Q2 2005 444.63 1.27 1.08 4.76
Q3 2005 444.63 2.82 2.62 6.48
Q4 2005 444.63 2.70 2.32 6.71
Q1 2006 500.00 2.46 2.12 10.76
Q2 2006 500.00 2.73 2.39 10.90
Q3 2006 500.00 2.22 1.87 11.97
Q4 2006 500.00 2.30 2.08 12.17
Q1 2007 500.00 2.30 2.08 12.49
Q2 2007 500.00 3.34 3.12 13.14
Q3 2007 500.00 2.57 2.35 13.43
Q4 2007 500.00 2.46 2.46 14.31
Q1 2008 500.00 2.69 2.69 14.06
Q2 2008 500.00 1.67 1.67 14.59
Q3 2008 500.00 1.69 1.69 13.84
Q4 2008 500.00 0.40 0.40 12.78
Q1 2009 500.00 0.29 0.29 12.95
Q2 2009 500.00 0.20 0.20 13.13
Q3 2009 500.00 0.44 0.44 13.39
Q4 2009 500.00 1.90 1.27 13.92
Q1 2010 500.00 2.31 1.27 14.74
Q2 2010 500.00 2.30 1.26 14.23
Q3 2010 500.00 2.31 1.27 14.47
Q4 2010 500.00 1.77 1.61 14.04
Q1 2011 500.00 1.32 1.55 14.02
Q2 2011 500.00 1.36 1.59 14.29
Q3 2011 500.00 1.41 1.65 14.56
Q4 2011 500.00 2.40 2.10 15.44
Q1 2012 500.00 2.56 2.25 16.57
Q2 2012 500.00 2.78 2.47 15.91
Q3 2012 500.00 2.97 2.67 16.29
Q4 2012 500.00 2.80 2.71 16.57
Q1 2013 508.50 2.86 2.77 15.94
Q2 2013 508.50 2.95 2.86 16.21
Q3 2013 508.50 3.06 2.96 16.64
Q4 2013 508.50 3.35 2.96 18.07
Q1 2014 533.98 3.43 3.05 18.56
Q2 2014 533.98 3.67 3.21 18.52

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 41.56 49.44 10.66
Q2 2005 More than 50 More than 50 19.92
Q3 2005 37.66 40.45 16.36
Q4 2005 45.41 More than 50 18.29
Q1 2006 More than 50 More than 50 11.63
Q2 2006 36.61 41.87 9.17
Q3 2006 38.97 46.12 7.22
Q4 2006 16.30 18.03 3.08
Q1 2007 14.02 15.50 2.58
Q2 2007 9.25 9.90 2.35
Q3 2007 11.92 13.03 2.28
Q4 2007 15.55 15.55 2.67
Q1 2008 12.82 12.82 2.45
Q2 2008 23.13 23.13 2.65
Q3 2008 18.36 18.36 2.24
Q4 2008 More than 50 More than 50 2.02
Q1 2009 More than 50 More than 50 1.68
Q2 2009 More than 50 More than 50 1.81
Q3 2009 More than 50 More than 50 2.26
Q4 2009 16.95 25.46 2.32
Q1 2010 16.53 29.93 2.59
Q2 2010 16.28 29.62 2.63
Q3 2010 15.83 28.79 2.52
Q4 2010 19.27 21.26 2.43
Q1 2011 22.65 19.28 2.12
Q2 2011 21.33 18.23 2.03
Q3 2011 19.67 16.86 1.91
Q4 2011 12.75 14.60 1.98
Q1 2012 14.36 16.30 2.22
Q2 2012 13.33 14.98 2.33
Q3 2012 13.89 15.48 2.54
Q4 2012 15.23 15.76 2.58
Q1 2013 15.23 15.73 2.78
Q2 2013 17.07 17.62 3.16
Q3 2013 18.39 18.96 3.43
Q4 2013 19.66 22.29 3.47
Q1 2014 19.60 22.08 3.62
Q2 2014 18.83 21.48 3.73

Business Segments (Million)

Compared With The
Period Food sector Retail sector Investments Plastic Manufacturing & Whole sale sector Disposals
Q1 2005 - 545.17 1.46 - 1,004.61 -
Q2 2005 - 599.24 2.61 - 1,011.55 -
Q3 2005 - 625.13 (4.06) - 1,223.17 -
Q4 2005 - 719.34 15.59 - 1,168.24 -
Q1 2006 - 700.35 1.14 - 1,221.22 -
Q2 2006 - 770.00 (1.14) - 1,378.91 -
Q3 2006 - 869.50 - - 1,690.81 -
Q4 2006 - 821.28 - - 1,644.62 -
Q1 2007 - 843.56 3.19 - 1,400.87 -
Q2 2007 - 934.88 (0.79) - 1,818.30 -
Q3 2007 - 1,201.16 6.11 - 1,572.23 -
Q4 2007 - 1,245.18 (3.68) - 1,388.53 -
Q1 2008 - 1,216.75 - - 1,779.67 -
Q2 2008 - 1,315.45 20.17 - 1,976.92 -
Q3 2008 - 1,614.46 10.08 - 2,294.87 -
Q4 2008 - 1,972.98 (30.25) - 1,650.27 -
Q1 2009 - 1,835.58 - - 1,799.46 -
Q2 2009 - 1,895.71 - - 2,461.09 -
Q3 2009 - 2,108.28 - - 2,995.40 -
Q4 2009 - 2,080.53 - - 2,741.16 -
Q1 2010 - 1,871.14 - - 2,907.64 -
Q2 2010 - 1,902.50 - - 2,965.56 -
Q3 2010 - 2,245.91 - - 3,411.62 -
Q4 2010 12,026.53 2,163.12 154.59 883.98 (9284.82) (218.30)
Q1 2011 3,296.45 2,161.01 32.59 209.36 - (57.66)
Q2 2011 3,875.14 2,216.41 26.04 261.85 - (68.54)
Q3 2011 4,069.58 2,489.74 34.65 274.60 - (50.26)
Q4 2011 3,982.74 2,314.39 29.54 255.73 - (157.65)
Q1 2012 4,068.67 2,329.29 20.45 236.24 - (65.67)
Q2 2012 4,327.47 2,427.10 19.71 290.20 - (75.41)
Q3 2012 3,915.84 2,722.23 19.71 273.72 - (61.72)
Q4 2012 4,076.70 2,677.90 78.67 253.03 - (142.63)
Q1 2013 4,386.49 2,606.25 19.29 249.06 - (71.22)
Q2 2013 3,859.23 2,635.50 19.29 304.51 - (95.20)
Q3 2013 3,241.41 2,813.52 19.29 304.95 - (59.03)
Q4 2013 3,065.27 2,869.33 83.10 (858.51) - (111.80)
Q1 2014 3,463.82 2,818.18 16.37 - - (57.53)
Q2 2014 4,119.66 3,283.45 15.32 - - (81.85)


Financial Ratios
Current
Market Cap (M Riyal) 24,269.42
Enterprise Value (EV) (M) 31,927.24
Shares Outstanding ((M)) 533.98
EPS ( Riyal) (TTM) 1.60
Book Value (BV) ( Riyal) 15.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.66
P/E (TTM) 28.38
Price/book 2.86
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 10.1
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