Financial Results : Thimar’s net profit soars 244% in nine-months 2015

Thimar’s net profit soars 244% in nine-months 2015

21/10/2015 Argaam Exclusive

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National Agriculture Marketing Co. (Thimar) reported a net profit of SAR 42.8 million for the first nine months of 2015; a 244 percent surge compared to the same period last year due to higher profit margins and revenue from investments in securities.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 109.21 98.08 (10.2 %)
Gross Income 26.53 25.10 (5.4 %)
Operating Income 7.48 5.70 (23.8 %)
Net Income 12.45 42.75 243.5 %
Average Shares 3.87 3.87 -
EPS (Riyals) 3.22 11.05 243.5 %

 

The company’s net profit in Q3-2015 plunged 59 percent year-on-year to SAR 1.4 million on lower profit margins.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 31.21 32.98 5.7 %
Gross Income 8.73 7.86 (9.9 %)
Operating Income 1.94 1.26 (34.9 %)
Net Income 3.43 1.39 (59.4 %)
Average Shares 3.87 3.87 -
EPS (Riyals) 0.89 0.36 (59.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 22.24 17.0 % 2.79 (29.6 %) (2.29) (332.8 %)
Q2 2006 25.06 24.8 % 3.09 (30.0 %) (2.22) (308.0 %)
Q3 2006 27.19 35.9 % 2.09 (35.0 %) (3.10) (139.0 %)
Q4 2006 29.87 18.0 % 3.78 (8.1 %) (0.63) (51.1 %)
Q1 2007 26.18 17.7 % 5.76 106.7 % 0.12 105.2 %
Q2 2007 28.35 13.1 % 5.25 70.1 % (1.94) 12.6 %
Q3 2007 34.48 26.8 % 6.50 211.4 % (0.10) 96.8 %
Q4 2007 32.67 9.4 % 5.88 55.4 % 0.47 173.6 %
Q1 2008 31.26 19.4 % 6.21 7.8 % (0.42) (452.2 %)
Q2 2008 37.72 33.0 % 7.51 43.0 % 0.70 136.1 %
Q3 2008 35.95 4.3 % 6.84 5.2 % (0.20) (99.6 %)
Q4 2008 41.16 26.0 % 6.32 7.5 % (3.36) (821.1 %)
Q1 2009 35.50 13.6 % 5.71 (8.0 %) (0.90) (114.1 %)
Q2 2009 32.64 (13.5 %) 2.25 (70.1 %) (5.93) (948.1 %)
Q3 2009 33.43 (7.0 %) 3.78 (44.8 %) (3.18) (1,516.3 %)
Q4 2009 29.95 (27.2 %) 5.21 (17.6 %) (2.65) 21.2 %
Q1 2010 25.17 (29.1 %) 5.40 (5.5 %) (1.61) (79.0 %)
Q2 2010 16.88 (48.3 %) 6.08 170.7 % (0.05) 99.2 %
Q3 2010 18.89 (43.5 %) 1.27 (66.5 %) (5.18) (62.8 %)
Q4 2010 14.86 (50.4 %) (3.83) (173.5 %) (12.97) (390.1 %)
Q1 2011 10.25 (59.3 %) 1.56 (71.1 %) (2.09) (30.0 %)
Q2 2011 12.97 (23.1 %) 2.22 (63.5 %) (3.21) (6,566.3 %)
Q3 2011 16.56 (12.3 %) 2.52 99.2 % (1.28) 75.2 %
Q4 2011 15.06 1.3 % 1.85 148.3 % (7.16) 44.8 %
Q1 2012 15.82 54.4 % 2.99 91.8 % (0.75) 64.3 %
Q2 2012 21.78 67.9 % 4.41 98.9 % 0.53 116.4 %
Q3 2012 22.38 35.1 % 4.43 75.7 % 0.69 153.5 %
Q4 2012 21.73 44.3 % 5.14 178.2 % 0.82 111.4 %
Q1 2013 24.11 52.4 % 4.49 50.2 % 0.50 167.1 %
Q2 2013 26.46 21.5 % 5.73 29.9 % 1.03 96.5 %
Q3 2013 27.44 22.6 % 5.55 25.3 % 1.21 76.5 %
Q4 2013 34.25 57.6 % 9.39 82.5 % 3.35 310.2 %
Q1 2014 44.65 85.2 % 8.62 91.9 % 2.94 486.9 %
Q2 2014 33.35 26.0 % 9.18 60.1 % 2.59 151.1 %
Q3 2014 31.21 13.7 % 8.73 57.1 % 1.94 60.4 %
Q4 2014 33.29 (2.8 %) 6.39 (31.9 %) 2.32 (30.8 %)
Q1 2015 27.87 (37.6 %) 9.80 13.7 % 3.52 19.4 %
Q2 2015 37.24 11.6 % 7.44 (18.9 %) 0.92 (64.4 %)
Q3 2015 32.98 5.7 % 7.86 (9.9 %) 1.26 (34.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 (1.85) (287.5 %) (0.48) - (1.85) (0.48)
Q2 2006 (7.23) (283.0 %) (1.87) - (7.23) (1.87)
Q3 2006 (5.24) (241.4 %) (1.36) - (5.24) (1.36)
Q4 2006 (1.81) (288.9 %) (0.47) - (1.81) (0.47)
Q1 2007 0.52 128.0 % 0.13 - 0.52 0.13
Q2 2007 (2.51) 65.3 % (0.65) - (2.51) (0.65)
Q3 2007 (0.96) 81.7 % (0.25) - (0.96) (0.25)
Q4 2007 5.51 403.8 % 1.42 - 5.51 1.42
Q1 2008 (0.95) (283.2 %) (0.25) - (0.95) (0.25)
Q2 2008 2.12 184.4 % 0.55 - 2.12 0.55
Q3 2008 (3.66) (281.5 %) (0.95) - (3.66) (0.95)
Q4 2008 (7.74) (240.4 %) (2.00) - (7.74) (2.00)
Q1 2009 (1.51) (58.9 %) (0.39) - (1.51) (0.39)
Q2 2009 (4.31) (303.6 %) (1.11) - (4.31) (1.11)
Q3 2009 (2.21) 39.6 % (0.57) - (2.21) (0.57)
Q4 2009 (2.60) 66.4 % (0.67) - (2.60) (0.67)
Q1 2010 (1.51) (0.0 %) (0.39) - (1.51) (0.39)
Q2 2010 0.15 103.4 % 0.04 - 0.15 0.04
Q3 2010 (5.40) (144.2 %) (1.40) - (5.40) (1.40)
Q4 2010 (12.34) (374.5 %) (3.19) - (12.34) (3.19)
Q1 2011 (2.05) (35.8 %) (0.53) - (2.05) (0.53)
Q2 2011 (3.07) (2193.9 %) (0.79) - (3.07) (0.79)
Q3 2011 (1.06) 80.5 % (0.27) 0.24 (1.30) (0.34)
Q4 2011 10.79 187.5 % 2.79 19.10 (8.31) (2.15)
Q1 2012 (0.87) 57.6 % (0.22) - (0.87) (0.22)
Q2 2012 0.36 111.8 % 0.09 - 0.36 0.09
Q3 2012 0.60 157.1 % 0.16 - 0.60 0.16
Q4 2012 0.93 (91.3 %) 0.24 - 0.93 0.24
Q1 2013 2.56 394.8 % 0.66 2.25 0.31 0.08
Q2 2013 2.77 663.1 % 0.72 1.97 0.80 0.21
Q3 2013 3.05 405.8 % 0.79 2.06 0.99 0.26
Q4 2013 5.21 457.9 % 1.35 2.34 2.87 0.74
Q1 2014 6.01 134.4 % 1.55 3.25 2.76 0.71
Q2 2014 3.01 8.8 % 0.78 0.61 2.40 0.62
Q3 2014 3.43 12.4 % 0.89 1.75 1.68 0.44
Q4 2014 5.11 (1.9 %) 1.32 2.71 2.40 0.62
Q1 2015 38.86 546.7 % 10.05 35.15 3.71 0.96
Q2 2015 2.50 (16.9 %) 0.65 - 2.50 0.65
Q3 2015 1.39 (59.4 %) 0.36 - 1.39 0.36

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 16.57 % (3.04 %) 7.72 %
Q2 2006 14.25 % (4.79 %) (4.76 %)
Q3 2006 12.10 % (6.05 %) (13.39 %)
Q4 2006 11.26 % (6.26 %) (15.46 %)
Q1 2007 13.59 % (3.84 %) (12.71 %)
Q2 2007 15.13 % (3.21 %) (8.11 %)
Q3 2007 17.91 % (0.51 %) (4.01 %)
Q4 2007 19.22 % 0.57 % 2.10 %
Q1 2008 18.81 % 0.13 % 0.86 %
Q2 2008 19.17 % 2.15 % 4.20 %
Q3 2008 19.21 % 2.14 % 2.19 %
Q4 2008 18.40 % (0.53 %) (7.01 %)
Q1 2009 17.55 % (0.86 %) (7.18 %)
Q2 2009 14.54 % (5.48 %) (11.86 %)
Q3 2009 12.65 % (7.67 %) (11.05 %)
Q4 2009 12.88 % (7.76 %) (8.09 %)
Q1 2010 13.72 % (9.04 %) (8.78 %)
Q2 2010 19.40 % (4.92 %) (5.86 %)
Q3 2010 19.74 % (7.82 %) (10.30 %)
Q4 2010 11.76 % (22.06 %) (25.21 %)
Q1 2011 8.34 % (27.83 %) (32.27 %)
Q2 2011 2.14 % (31.95 %) (40.13 %)
Q3 2011 4.52 % (28.76 %) (34.33 %)
Q4 2011 14.86 % (18.98 %) (26.86 %)
Q1 2012 15.86 % (14.97 %) (22.42 %)
Q2 2012 17.01 % (9.94 %) (14.61 %)
Q3 2012 18.24 % (4.52 %) (10.95 %)
Q4 2012 20.78 % 5.60 % 1.26 %
Q1 2013 20.54 % 6.43 % 2.46 %
Q2 2013 20.91 % 6.59 % 2.80 %
Q3 2013 20.98 % 6.70 % 3.04 %
Q4 2013 22.42 % 8.19 % 4.43 %
Q1 2014 22.06 % 8.79 % 5.59 %
Q2 2014 23.44 % 9.60 % 6.46 %
Q3 2014 25.04 % 9.98 % 6.77 %
Q4 2014 23.10 % 9.48 % 6.49 %
Q1 2015 27.12 % 11.28 % 8.11 %
Q2 2015 24.97 % 9.66 % 7.94 %
Q3 2015 23.97 % 9.19 % 7.61 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 3.87 1.75 1.75 26.65
Q2 2006 3.87 (1.14) (1.14) 24.78
Q3 2006 3.87 (3.45) (3.45) 23.42
Q4 2006 3.87 (4.17) (4.17) 22.92
Q1 2007 3.87 (3.56) (3.56) 23.05
Q2 2007 3.87 (2.34) (2.34) 22.40
Q3 2007 3.87 (1.23) (1.23) 22.16
Q4 2007 3.87 0.66 0.66 23.58
Q1 2008 3.87 0.28 0.28 23.33
Q2 2008 3.87 1.48 1.48 23.88
Q3 2008 3.87 0.78 0.78 22.93
Q4 2008 3.87 (2.65) (2.65) 20.85
Q1 2009 3.87 (2.79) (2.79) 20.29
Q2 2009 3.87 (4.45) (4.45) 19.17
Q3 2009 3.87 (4.08) (4.08) 18.79
Q4 2009 3.87 (2.75) (2.75) 17.81
Q1 2010 3.87 (2.75) (2.75) 17.42
Q2 2010 3.87 (1.60) (1.60) 17.46
Q3 2010 3.87 (2.42) (2.42) 16.22
Q4 2010 3.87 (4.94) (4.94) 8.37
Q1 2011 3.87 (5.08) (5.08) 8.03
Q2 2011 3.87 (5.91) (5.91) 7.05
Q3 2011 3.87 (4.79) (4.85) 6.77
Q4 2011 3.87 1.19 (3.81) 9.57
Q1 2012 3.87 1.50 (3.50) 9.24
Q2 2012 3.87 2.39 (2.62) 9.12
Q3 2012 3.87 2.82 (2.12) 9.22
Q4 2012 3.87 0.27 0.27 9.63
Q1 2013 3.87 1.15 0.57 11.95
Q2 2013 3.87 1.78 0.68 12.15
Q3 2013 3.87 2.41 0.78 12.48
Q4 2013 3.87 3.51 1.29 13.38
Q1 2014 3.87 4.40 1.92 14.31
Q2 2014 3.87 4.47 2.33 15.02
Q3 2014 3.87 4.57 2.51 15.86
Q4 2014 3.87 4.54 2.39 16.85
Q1 2015 3.87 13.03 2.64 26.71
Q2 2015 3.87 12.90 2.66 27.56
Q3 2015 3.87 12.37 2.59 27.77

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 More than 100 More than 100 14.19
Q2 2006 NEG NEG 18.07
Q3 2006 NEG NEG 27.42
Q4 2006 NEG NEG 8.30
Q1 2007 NEG NEG 9.19
Q2 2007 NEG NEG 10.77
Q3 2007 NEG NEG 12.36
Q4 2007 More than 100 More than 100 9.86
Q1 2008 More than 100 More than 100 5.92
Q2 2008 86.03 86.03 5.33
Q3 2008 96.52 96.52 3.28
Q4 2008 NEG NEG 3.06
Q1 2009 NEG NEG 3.88
Q2 2009 NEG NEG 9.57
Q3 2009 NEG NEG 8.72
Q4 2009 NEG NEG 10.45
Q1 2010 NEG NEG 10.26
Q2 2010 NEG NEG 5.64
Q3 2010 NEG NEG 6.00
Q4 2010 NEG NEG 11.40
Q1 2011 NEG NEG 10.88
Q2 2011 NEG NEG 13.13
Q3 2011 NEG NEG 14.11
Q4 2011 90.33 NEG 11.27
Q1 2012 More than 100 NEG 16.24
Q2 2012 39.53 NEG 10.35
Q3 2012 42.31 NEG 12.91
Q4 2012 More than 100 More than 100 13.10
Q1 2013 More than 100 More than 100 12.19
Q2 2013 80.81 More than 100 11.81
Q3 2013 56.69 More than 100 10.94
Q4 2013 52.09 More than 100 13.68
Q1 2014 93.77 More than 100 28.86
Q2 2014 76.91 More than 100 22.87
Q3 2014 87.58 More than 100 25.21
Q4 2014 76.88 More than 100 20.72
Q1 2015 27.02 More than 100 13.18
Q2 2015 25.81 More than 100 12.08
Q3 2015 13.96 66.81 6.22


Financial Ratios
Current
Market Cap (M Riyal) 273.98
Enterprise Value (EV) (M) 251.77
Shares Outstanding ((M)) 6.50
EPS ( Riyal) (TTM) (2.36)
Book Value (BV) ( Riyal) 3.06
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 13.80
Return on Average Assets (%) (TTM) (23.08 )
Return on Average Equity (%) (TTM) -
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Share Price

Thimar Development Holding Co.
42.15
0.15 0.36 %

Thimar Development Holding Co. (THIMAR)

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