Financial Results : Thimar’s net profit rises 5% in H1

Thimar’s net profit rises 5% in H1

23/07/2017 Argaam Exclusive

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National Agriculture Marketing Co. (Thimar), a producer of agriculture and meat products, posted a net profit of SAR 4.5 million for the first half of 2017, 4.6 percent higher year-on-year (YoY) on higher profit margins and lower cost of goods sold. 

 



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 80.64 76.31 (5.4 %)
Gross Income 20.71 21.29 2.8 %
Operating Income 4.27 4.31 1.0 %
Net Income 4.30 4.50 4.6 %
Average Shares 3.87 3.87 -
EPS (Riyals) 1.11 1.16 4.6 %

The company’s Q2 net profit jumped 49.7 percent YoY to SAR 3.03 million, backed by lower expenses and higher profit margins.

 

On a sequential basis, Thimar's second-quarter net profit surged 105 percent from SAR 1.5 million. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 43.27 41.30 (4.5 %)
Gross Income 12.25 12.07 (1.5 %)
Operating Income 2.18 2.82 29.1 %
Net Income 2.02 3.03 49.7 %
Average Shares 3.87 3.87 -
EPS (Riyals) 0.52 0.78 49.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2015 36.55 9.8 % 4.61 (27.8 %) 1.11 (52.1 %)
Q1 2016 37.37 34.1 % 8.46 (13.7 %) 2.09 (40.7 %)
Q2 2016 43.27 16.2 % 12.25 64.6 % 2.18 136.7 %
Q3 2016 33.80 2.5 % 7.77 (1.2 %) 1.16 (7.9 %)
Q4 2016 28.76 (21.3 %) 0.41 (91.2 %) (5.35) (581.7 %)
Q1 2017 35.01 (6.3 %) 9.22 9.0 % 1.49 (28.4 %)
Q2 2017 41.30 (4.5 %) 12.07 (1.5 %) 2.82 29.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2015 2.08 (59.3 %) 0.54 - 2.08 0.54
Q1 2016 2.28 (94.1 %) 0.59 - 2.28 0.59
Q2 2016 2.02 (19.1 %) 0.52 - 2.02 0.52
Q3 2016 1.30 (6.8 %) 0.34 - 1.30 0.34
Q4 2016 (6.13) (394.2 %) (1.58) - (6.13) (1.58)
Q1 2017 1.47 (35.3 %) 0.38 - 1.47 0.38
Q2 2017 3.03 49.7 % 0.78 - 3.03 0.78

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2015 22.07 % 7.93 % 7.19 %
Q1 2016 19.69 % 6.22 % 5.73 %
Q2 2016 22.10 % 7.11 % 5.18 %
Q3 2016 21.92 % 7.89 % 5.09 %
Q4 2016 20.17 % 2.49 % (0.37 %)
Q1 2017 21.05 % 2.16 % (0.95 %)
Q2 2017 21.22 % 3.30 % (0.24 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2015 3.87 11.59 2.50 27.68
Q1 2016 3.87 2.13 2.13 28.27
Q2 2016 3.87 2.01 2.01 28.80
Q3 2016 3.87 1.99 1.99 29.09
Q4 2016 3.87 (0.14) (0.14) 27.59
Q1 2017 3.87 (0.34) (0.34) 27.98
Q2 2017 3.87 (0.09) (0.09) 28.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2015 15.01 69.48 6.28
Q1 2016 66.24 66.24 5.00
Q2 2016 67.06 67.06 4.68
Q3 2016 49.71 49.71 3.39
Q4 2016 NEG NEG 5.89
Q1 2017 NEG NEG 5.81
Q2 2017 NEG NEG 4.83


Financial Ratios
Current
Market Cap (M Riyal) 279.18
Enterprise Value (EV) (M) 256.97
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 14.06
Return on Average Assets (%) (TTM) (23.08 )
Return on Average Equity (%) (TTM) -
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Share Price

Thimar Development Holding Co.
42.95
(0.65) (1.49 %)

Thimar Development Holding Co. (THIMAR)

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