Jarir 2023 profit slightly higher to SAR 973M; Q4 at SAR 273.2M

30/01/2024 Argaam Exclusive

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Share Price

13.42
0.02 0.15 %

Jarir Marketing Co. (JARIR)

Jarir Marketing Co. (JMC) reported a net profit of SAR 973 million for 2023, slightly higher from SAR 969.8 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 9,391.70 10,594.92 12.8 %
Gross Income 1,287.38 1,275.93 (0.9 %)
Operating Income 961.83 972.54 1.1 %
Net Income 969.76 973.04 0.3 %
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.81 0.81 0.3 %

Total sales increased by 12.8% year-on-year (YoY) due to higher sales in several segments led by smartphones, video games, and computers sections.

 

Operating profit increased by 2.6% YoY due to a decrease in selling and marketing expenses and higher other income.

 

However, gross profit witnessed a slight decrease of less than 1% due to the relative decline in profit margins for several segments, especially smartphones, and due to the change in the sales mix towards the relatively less profitable segments.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 2,577.29 2,802.50 8.7 %
Gross Income 341.48 328.21 (3.9 %)
Operating Income 250.48 289.80 15.7 %
Net Income 267.57 273.19 2.1 %
Average Shares 1,200.00 1,200.00 -
EPS (Riyals) 0.22 0.23 2.1 %

The fourth-quarter net profit rose 2% to SAR 273.2 million compared with SAR 267.57 million in Q4 2022.

 

Compared to the previous quarter, net profit decreased by 7.8% from SAR 296.33 million.



Total shareholders’ equity, no minority interest, stood at SAR 1.77 billion as of Dec. 31, 2023, compared to SAR 1.80 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 1,398.85 5.2 % 235.05 11.5 % 201.33 11.3 % 0.17
Q2 2014 1,289.43 2.5 % 173.66 5.9 % 135.23 7.1 % 0.11
Q3 2014 1,426.25 6.9 % 237.37 8.5 % 203.00 9.0 % 0.17
Q4 2014 1,584.20 20.0 % 240.39 19.7 % 205.81 28.6 % 0.17
Q1 2015 1,909.51 36.5 % 283.51 20.6 % 247.02 22.7 % 0.21
Q2 2015 1,405.76 9.0 % 191.37 10.2 % 154.86 14.5 % 0.13
Q3 2015 1,536.06 7.7 % 253.41 6.8 % 218.50 7.6 % 0.18
Q4 2015 1,524.05 (3.8 %) 243.74 1.4 % 208.09 1.1 % 0.17
Q1 2016 1,417.43 (25.8 %) 214.77 (24.2 %) 174.96 (29.2 %) 0.15
Q2 2016 1,390.74 (1.1 %) 162.76 (15.0 %) 126.48 (18.3 %) 0.11
Q3 2016 1,520.93 (1.0 %) 252.93 (0.2 %) 217.92 (0.3 %) 0.18
Q4 2016 1,793.46 17.7 % 244.80 0.4 % 215.32 3.5 % 0.18
Q1 2017 1,704.95 20.3 % 247.38 15.2 % 221.44 26.6 % 0.18
Q2 2017 1,584.80 14.0 % 192.72 18.4 % 147.76 16.8 % 0.12
Q3 2017 1,651.79 8.6 % 290.72 14.9 % 246.53 13.1 % 0.21
Q4 2017 2,000.39 11.5 % 306.42 25.2 % 251.93 17.0 % 0.21
Q1 2018 1,599.42 (6.2 %) 242.67 (1.9 %) 219.10 (1.1 %) 0.18
Q2 2018 1,693.32 6.8 % 212.53 10.3 % 162.59 10.0 % 0.14
Q3 2018 1,932.08 17.0 % 338.56 16.5 % 288.00 16.8 % 0.24
Q4 2018 2,136.90 6.8 % 320.07 4.5 % 290.31 15.2 % 0.24
Q1 2019 1,886.64 18.0 % 302.14 24.5 % 233.69 6.7 % 0.19
Q2 2019 1,892.58 11.8 % 233.90 10.1 % 169.13 4.0 % 0.14
Q3 2019 2,251.23 16.5 % 389.14 14.9 % 304.97 5.9 % 0.25
Q4 2019 2,394.06 12.0 % 348.00 8.7 % 276.94 (4.6 %) 0.23
Q1 2020 2,340.22 24.0 % 327.46 8.4 % 251.69 7.7 % 0.21
Q2 2020 2,373.92 25.4 % 303.74 29.9 % 208.39 23.2 % 0.17
Q3 2020 2,037.85 (9.5 %) 334.46 (14.1 %) 255.24 (16.3 %) 0.21
Q4 2020 2,553.83 6.7 % 362.96 4.3 % 287.67 3.9 % 0.24
Q1 2021 2,530.39 8.1 % 337.57 3.1 % 267.64 6.3 % 0.22
Q2 2021 2,015.28 (15.1 %) 262.03 (13.7 %) 189.24 (9.2 %) 0.16
Q3 2021 2,224.49 9.2 % 344.09 2.9 % 272.50 6.8 % 0.23
Q4 2021 2,318.11 (9.2 %) 285.64 (21.3 %) 262.48 (8.8 %) 0.22
Q1 2022 2,286.89 (9.6 %) 325.05 (3.7 %) 251.31 (6.1 %) 0.21
Q2 2022 2,010.48 (0.2 %) 248.59 (5.1 %) 177.16 (6.4 %) 0.15
Q3 2022 2,517.03 13.2 % 372.26 8.2 % 273.72 0.4 % 0.23
Q4 2022 2,577.29 11.2 % 341.48 19.5 % 267.57 1.9 % 0.22
Q1 2023 2,717.65 18.8 % 323.74 (0.4 %) 247.75 (1.4 %) 0.21
Q2 2023 2,435.73 21.2 % 239.57 (3.6 %) 155.78 (12.1 %) 0.13
Q3 2023 2,639.04 4.8 % 384.41 3.3 % 296.33 8.3 % 0.25
Q4 2023 2,802.50 8.7 % 328.21 (3.9 %) 273.19 2.1 % 0.23
2023 10,594.92 12.8 % 1,275.93 (0.9 %) 973.04 0.3 % 0.81

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 15.41 % 12.97 % 12.68 %
Q2 2014 15.51 % 13.03 % 12.78 %
Q3 2014 15.58 % 13.14 % 12.87 %
Q4 2014 15.56 % 13.18 % 13.08 %
Q1 2015 15.06 % 12.79 % 12.74 %
Q2 2015 15.06 % 12.84 % 12.82 %
Q3 2015 15.05 % 12.90 % 12.84 %
Q4 2015 15.25 % 13.19 % 12.99 %
Q1 2016 15.35 % 13.10 % 12.86 %
Q2 2016 14.91 % 12.59 % 12.41 %
Q3 2016 14.94 % 12.65 % 12.50 %
Q4 2016 14.30 % 12.26 % 12.07 %
Q1 2017 14.16 % 12.40 % 12.25 %
Q2 2017 14.20 % 12.33 % 12.10 %
Q3 2017 14.49 % 12.50 % 12.23 %
Q4 2017 14.94 % 12.73 % 12.39 %
Q1 2018 15.10 % 12.90 % 12.55 %
Q2 2018 15.15 % 13.07 % 12.67 %
Q3 2018 15.23 % 13.18 % 12.76 %
Q4 2018 15.13 % 13.18 % 13.04 %
Q1 2019 15.34 % 13.45 % 12.74 %
Q2 2019 15.22 % 13.68 % 12.50 %
Q3 2019 15.25 % 13.76 % 12.22 %
Q4 2019 15.11 % 13.85 % 11.69 %
Q1 2020 14.63 % 13.37 % 11.29 %
Q2 2020 14.62 % 13.11 % 11.13 %
Q3 2020 14.36 % 12.93 % 10.85 %
Q4 2020 14.28 % 13.00 % 10.78 %
Q1 2021 14.10 % 12.87 % 10.73 %
Q2 2021 14.19 % 13.18 % 10.94 %
Q3 2021 14.01 % 13.00 % 10.79 %
Q4 2021 13.53 % 12.28 % 10.37 %
Q1 2022 13.76 % 12.44 % 10.47 %
Q2 2022 13.61 % 12.12 % 10.22 %
Q3 2022 13.49 % 11.88 % 10.03 %
Q4 2022 13.71 % 12.02 % 10.04 %
Q1 2023 13.09 % 11.58 % 9.56 %
Q2 2023 12.46 % 11.12 % 9.05 %
Q3 2023 12.43 % 11.20 % 9.17 %
Q4 2023 12.04 % 11.34 % 9.18 %
2023 12.04 % 10.91 % 9.18 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 1,200.00 0.56 0.56 1.04
Q2 2014 1,200.00 0.57 0.57 1.02
Q3 2014 1,200.00 0.58 0.58 1.10
Q4 2014 1,200.00 0.62 0.62 1.13
Q1 2015 1,200.00 0.66 0.66 1.20
Q2 2015 1,200.00 0.68 0.68 1.16
Q3 2015 1,200.00 0.69 0.69 1.23
Q4 2015 1,200.00 0.69 0.69 1.25
Q1 2016 1,200.00 0.63 0.63 1.23
Q2 2016 1,200.00 0.61 0.61 1.23
Q3 2016 1,200.00 0.61 0.61 1.29
Q4 2016 1,200.00 0.61 0.62 1.25
Q1 2017 1,200.00 0.65 0.65 1.27
Q2 2017 1,200.00 0.67 0.67 1.23
Q3 2017 1,200.00 0.69 0.69 1.33
Q4 2017 1,200.00 0.72 0.72 1.36
Q1 2018 1,200.00 0.72 0.71 1.35
Q2 2018 1,200.00 0.73 0.73 1.30
Q3 2018 1,200.00 0.77 0.77 1.41
Q4 2018 1,200.00 0.80 0.80 1.42
Q1 2019 1,200.00 0.81 0.81 1.32
Q2 2019 1,200.00 0.82 0.82 1.27
Q3 2019 1,200.00 0.83 0.83 1.39
Q4 2019 1,200.00 0.82 0.82 1.37
Q1 2020 1,200.00 0.84 0.84 1.36
Q2 2020 1,200.00 0.87 0.87 1.36
Q3 2020 1,200.00 0.83 0.83 1.41
Q4 2020 1,200.00 0.84 0.84 1.44
Q1 2021 1,200.00 0.85 0.85 1.43
Q2 2021 1,200.00 0.83 0.83 1.37
Q3 2021 1,200.00 0.85 0.84 1.46
Q4 2021 1,200.00 0.83 0.79 1.47
Q1 2022 1,200.00 0.81 0.77 1.48
Q2 2022 1,200.00 0.80 0.75 1.42
Q3 2022 1,200.00 0.80 0.76 1.50
Q4 2022 1,200.00 0.81 0.79 1.50
Q1 2023 1,200.00 0.81 0.78 1.48
Q2 2023 1,200.00 0.79 0.77 1.40
Q3 2023 1,200.00 0.81 0.79 1.50
Q4 2023 1,200.00 0.81 0.81 1.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 27.52 27.52 14.86
Q2 2014 25.93 25.93 14.50
Q3 2014 25.92 25.92 13.78
Q4 2014 22.43 22.43 12.30
Q1 2015 25.01 25.01 13.73
Q2 2015 24.53 24.53 14.28
Q3 2015 19.60 19.60 10.94
Q4 2015 17.37 17.37 9.57
Q1 2016 13.47 13.47 6.90
Q2 2016 14.55 14.55 7.19
Q3 2016 11.47 11.41 5.38
Q4 2016 14.14 14.07 6.91
Q1 2017 15.56 15.48 7.95
Q2 2017 16.44 16.51 8.93
Q3 2017 16.68 16.83 8.70
Q4 2017 15.22 15.35 8.12
Q1 2018 18.40 18.56 9.86
Q2 2018 18.18 18.18 10.24
Q3 2018 17.87 17.87 9.76
Q4 2018 19.00 19.00 10.73
Q1 2019 19.48 19.48 11.98
Q2 2019 20.45 20.45 13.11
Q3 2019 19.00 19.00 11.36
Q4 2019 20.18 20.18 12.08
Q1 2020 15.29 15.29 9.39
Q2 2020 16.81 16.81 10.71
Q3 2020 22.66 22.66 13.32
Q4 2020 20.75 20.75 12.06
Q1 2021 21.43 21.43 12.77
Q2 2021 25.35 25.35 15.38
Q3 2021 24.73 25.00 14.35
Q4 2021 23.81 25.06 13.35
Q1 2022 24.23 25.53 13.31
Q2 2022 20.25 21.59 11.45
Q3 2022 20.77 21.88 11.12
Q4 2022 18.56 19.10 9.99
Q1 2023 20.24 20.83 11.02
Q2 2023 21.01 21.39 11.78
Q3 2023 17.99 18.31 9.67
Q4 2023 19.21 19.21 10.55

Business Segments (Million)

Compared With The
Period Retail sector Wholesale sector E-Commerce Other sectors
Q1 2014 1,275.00 124.00 - -
Q2 2014 1,230.00 59.00 - -
Q3 2014 1,252.00 175.00 - -
Q4 2014 1,486.00 98.00 - -
Q1 2015 1,783.00 127.00 - -
Q2 2015 1,345.00 60.00 - -
Q3 2015 1,367.00 169.00 - -
Q4 2015 1,397.00 127.00 - -
Q1 2016 1,293.00 85.00 - 39.00
Q2 2016 1,303.00 50.00 - 38.00
Q3 2016 1,326.00 150.00 - 45.00
Q4 2016 1,673.00 71.00 - 50.00
Q1 2017 1,530.00 133.00 - 42.00
Q2 2017 1,497.00 43.00 - 45.00
Q3 2017 1,446.00 154.00 - 52.00
Q4 2017 1,772.00 121.00 - 107.00
Q1 2018 1,487.00 61.00 - 51.00
Q2 2018 1,596.00 35.00 - 63.00
Q3 2018 1,667.00 158.00 - 107.00
Q4 2018 1,873.00 118.00 - 146.00
Q1 2019 1,723.00 66.00 - 98.00
Q3 2019 1,914.00 170.00 135.00 32.00
Q4 2019 2,149.00 93.00 120.20 32.50
Q1 2020 2,071.00 77.00 148.00 44.00
Q2 2020 1,780.00 44.00 520.00 30.00
Q3 2020 1,804.00 66.00 145.00 23.00
Q4 2020 2,089.00 38.00 404.00 23.00
Q1 2021 2,276.00 40.00 193.00 21.00
Q2 2021 1,811.00 28.00 150.00 27.00
Q3 2021 1,868.00 78.00 255.00 23.00
Q4 2021 2,038.00 46.00 192.00 42.00
Q1 2022 2,012.00 69.00 181.00 25.00
Q2 2022 1,778.00 45.00 165.00 22.00
Q3 2022 2,003.00 115.00 371.00 28.00
Q4 2022 1,988.00 68.00 474.00 47.00
Q1 2023 1,950.00 64.00 665.00 39.00
Q2 2023 1,944.00 41.00 422.00 28.00
Q3 2023 1,988.00 126.00 485.00 40.00
Q4 2023 2,273.00 59.00 434.00 37.00

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 266.52 273.19 2.50 %

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
Sico 271.00 273.19 0.8 %
Yaqeen Capital 276.50 273.19 (1.2) %
Riyad Capital 269.00 273.19 1.6 %
OSOOL AND BAKHEET 278.58 273.19 (1.9) %
AlJazira Capital 265.90 273.19 2.7 %
SNB Capital 264.00 273.19 3.5 %
Al Rajhi Capital 258.00 273.19 5.9 %
KASB Capital 303.30 273.19 (9.9) %
U-Capital 242.90 273.19 12.5 %
GIB Capital 236.00 273.19 15.8 %

Current
Market Cap (M Riyal) 16,104.00
Enterprise Value (EV) (M) 16,059.39
Shares Outstanding ((M)) 1,200.00
EPS ( Riyal) (TTM) 0.79
Book Value (BV) ( Riyal) 1.42
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 17.05
P/E (TTM) 17.05
Price/book 9.42
Return on Average Assets (%) (TTM) 23.0
Return on Average Equity (%) (TTM) 54.2

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