Herfy’s FY16 net profit grows 7%

19/01/2017 Argaam Exclusive

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Herfy Food Services Co. reported a net profit of SAR 217.5 million for the fiscal year 2016, a year-on-year (YoY) rise of 7.3 percent, thanks to an increase in sales and the launch of new stores despite higher selling and marketing expenses.



Financials (M)

Item 2015 2016 Change‬
Revenues 1,077.01 1,156.68 7.4 %
Gross Income 320.80 347.60 8.4 %
Operating Income 208.08 218.47 5.0 %
Net Income 202.68 217.08 7.1 %
Average Shares 64.68 64.68 -
EPS (Riyals) 3.13 3.36 7.1 %

Net profit for Q4-2016 grew by 22 percent YoY to SAR 55.4 million, backed by lower cost of goods sold, a decline in raw material costs and higher sales. On a sequential quarter basis, Q4-2016 net profit came 6 percent lower. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 272.97 280.23 2.7 %
Gross Income 73.55 90.37 22.9 %
Operating Income 46.00 54.80 19.1 %
Net Income 45.22 54.95 21.5 %
Average Shares 64.68 64.68 -
EPS (Riyals) 0.70 0.85 21.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 122.50 - 37.83 - 24.17 -
Q2 2009 132.10 - 45.32 - 30.76 -
Q3 2009 133.16 - 43.53 - 30.43 -
Q4 2009 129.83 - 42.63 - 28.07 -
Q1 2010 136.19 11.2 % 44.41 17.4 % 28.61 18.4 %
Q2 2010 146.75 11.1 % 49.83 10.0 % 32.02 4.1 %
Q3 2010 145.82 9.5 % 47.79 9.8 % 30.85 1.4 %
Q4 2010 151.17 16.4 % 50.87 19.3 % 32.26 15.0 %
Q1 2011 159.30 17.0 % 50.63 14.0 % 32.90 15.0 %
Q2 2011 188.42 28.4 % 61.27 23.0 % 39.66 23.9 %
Q3 2011 172.52 18.3 % 52.06 8.9 % 34.52 11.9 %
Q4 2011 188.33 24.6 % 62.29 22.4 % 41.20 27.7 %
Q1 2012 198.94 24.9 % 61.70 21.9 % 40.84 24.1 %
Q2 2012 218.32 15.9 % 70.50 15.1 % 48.28 21.7 %
Q3 2012 203.04 17.7 % 61.28 17.7 % 41.99 21.7 %
Q4 2012 221.71 17.7 % 72.88 17.0 % 49.54 20.2 %
Q1 2013 208.77 4.9 % 67.06 8.7 % 46.65 14.2 %
Q2 2013 222.81 2.1 % 72.45 2.8 % 50.57 4.7 %
Q3 2013 198.54 (2.2 %) 60.26 (1.7 %) 38.62 (8.0 %)
Q4 2013 218.59 (1.4 %) 73.37 0.7 % 50.85 2.6 %
Q1 2014 215.93 3.4 % 71.32 6.3 % 49.18 5.4 %
Q2 2014 226.72 1.8 % 76.35 5.4 % 53.30 5.4 %
Q3 2014 224.71 13.2 % 71.72 19.0 % 44.18 14.4 %
Q4 2014 242.78 11.1 % 72.01 (1.9 %) 46.97 (7.6 %)
Q1 2015 265.20 22.8 % 86.87 21.8 % 55.70 13.3 %
Q2 2015 259.36 14.4 % 75.02 (1.7 %) 49.34 (7.4 %)
Q3 2015 279.47 24.4 % 85.35 19.0 % 57.05 29.1 %
Q4 2015 272.97 12.4 % 73.55 2.1 % 46.00 (2.1 %)
Q1 2016 283.55 6.9 % 85.25 (1.9 %) 53.12 (4.6 %)
Q2 2016 277.73 7.1 % 76.77 2.3 % 47.92 (2.9 %)
Q3 2016 315.17 12.8 % 95.22 11.6 % 62.64 9.8 %
Q4 2016 280.23 2.7 % 90.37 22.9 % 54.80 19.1 %
2016 1,156.68 7.4 % 347.60 8.4 % 218.47 5.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 23.76 - 0.37 - 23.76 0.37
Q2 2009 31.35 - 0.48 - 31.35 0.48
Q3 2009 29.92 - 0.46 - 29.92 0.46
Q4 2009 29.62 - 0.46 - 29.62 0.46
Q1 2010 28.15 18.5 % 0.44 - 28.15 0.44
Q2 2010 32.61 4.0 % 0.50 - 32.61 0.50
Q3 2010 30.43 1.7 % 0.47 - 30.43 0.47
Q4 2010 33.09 11.7 % 0.51 - 33.09 0.51
Q1 2011 32.55 15.6 % 0.50 - 32.55 0.50
Q2 2011 39.36 20.7 % 0.61 - 39.36 0.61
Q3 2011 34.46 13.2 % 0.53 - 34.46 0.53
Q4 2011 40.28 21.7 % 0.62 - 40.28 0.62
Q1 2012 40.60 24.8 % 0.63 - 40.60 0.63
Q2 2012 49.31 25.3 % 0.76 - 49.31 0.76
Q3 2012 42.38 23.0 % 0.66 - 42.38 0.66
Q4 2012 48.87 21.3 % 0.76 - 48.87 0.76
Q1 2013 46.46 14.4 % 0.72 - 46.46 0.72
Q2 2013 51.22 3.9 % 0.79 - 51.22 0.79
Q3 2013 42.40 0.0 % 0.66 - 42.40 0.66
Q4 2013 57.57 17.8 % 0.89 6.22 51.34 0.79
Q1 2014 48.01 3.3 % 0.74 - 48.01 0.74
Q2 2014 52.40 2.3 % 0.81 - 52.40 0.81
Q3 2014 56.72 33.8 % 0.88 13.00 43.72 0.68
Q4 2014 48.68 (15.4 %) 0.75 1.21 47.47 0.73
Q1 2015 54.54 13.6 % 0.84 - 54.54 0.84
Q2 2015 46.27 (11.7 %) 0.72 - 46.27 0.72
Q3 2015 56.65 (0.1 %) 0.88 - 56.65 0.88
Q4 2015 45.22 (7.1 %) 0.70 - 45.22 0.70
Q1 2016 53.35 (2.2 %) 0.82 - 53.35 0.82
Q2 2016 49.48 7.0 % 0.77 - 49.48 0.77
Q3 2016 59.29 4.7 % 0.92 - 59.29 0.92
Q4 2016 54.95 21.5 % 0.85 - 54.95 0.85
2016 217.08 7.1 % 3.36 - 217.08 3.36

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 32.71 % 27.26 % 22.15 %
Q1 2010 33.11 % 27.66 % 22.40 %
Q2 2010 33.04 % 27.45 % 22.03 %
Q3 2010 33.06 % 27.12 % 21.63 %
Q4 2010 33.26 % 27.12 % 21.43 %
Q1 2011 33.02 % 27.11 % 21.34 %
Q2 2011 32.66 % 26.79 % 21.01 %
Q3 2011 32.00 % 26.51 % 20.77 %
Q4 2011 31.93 % 26.56 % 20.70 %
Q1 2012 31.72 % 26.37 % 20.68 %
Q2 2012 31.69 % 26.60 % 21.16 %
Q3 2012 31.63 % 26.74 % 21.34 %
Q4 2012 31.63 % 26.91 % 21.52 %
Q1 2013 31.90 % 27.49 % 21.95 %
Q2 2013 31.96 % 27.80 % 22.06 %
Q3 2013 32.01 % 27.66 % 22.18 %
Q4 2013 32.18 % 27.95 % 22.56 %
Q1 2014 32.41 % 28.02 % 22.55 %
Q2 2014 32.72 % 28.34 % 22.58 %
Q3 2014 33.05 % 28.31 % 22.06 %
Q4 2014 32.02 % 27.42 % 21.05 %
Q1 2015 31.99 % 27.21 % 20.65 %
Q2 2015 30.81 % 26.54 % 19.35 %
Q3 2015 30.50 % 26.96 % 19.58 %
Q4 2015 29.79 % 26.88 % 18.82 %
Q1 2016 29.14 % 26.58 % 18.39 %
Q2 2016 28.82 % 26.53 % 18.38 %
Q3 2016 28.78 % 25.92 % 18.04 %
Q4 2016 30.05 % 25.79 % 18.77 %
2016 30.05 % 25.79 % 18.77 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 64.68 - - 4.42
Q2 2009 64.68 - - 4.59
Q3 2009 64.68 - - 5.06
Q4 2009 64.68 1.77 1.77 4.90
Q1 2010 64.68 1.84 1.84 5.33
Q2 2010 64.68 1.86 1.86 5.52
Q3 2010 64.68 1.87 1.87 5.37
Q4 2010 64.68 1.92 1.92 5.88
Q1 2011 64.68 1.99 1.99 6.38
Q2 2011 64.68 2.09 2.09 6.34
Q3 2011 64.68 2.16 2.16 6.17
Q4 2011 64.68 2.27 2.27 6.80
Q1 2012 64.68 2.39 2.39 7.42
Q2 2012 64.68 2.55 2.55 7.46
Q3 2012 64.68 2.67 2.67 7.31
Q4 2012 64.68 2.80 2.80 8.06
Q1 2013 64.68 2.89 2.89 8.78
Q2 2013 64.68 2.92 2.92 8.73
Q3 2013 64.68 2.92 2.92 8.50
Q4 2013 64.68 3.06 2.96 9.29
Q1 2014 64.68 3.08 2.98 10.03
Q2 2014 64.68 3.10 3.00 9.92
Q3 2014 64.68 3.32 3.02 9.73
Q4 2014 64.68 3.18 2.96 10.48
Q1 2015 64.68 3.28 3.06 11.32
Q2 2015 64.68 3.19 2.97 10.87
Q3 2015 64.68 3.19 3.17 10.67
Q4 2015 64.68 3.13 3.13 11.37
Q1 2016 64.68 3.12 3.12 12.04
Q2 2016 64.68 3.16 3.16 11.71
Q3 2016 64.68 3.21 3.21 11.55
Q4 2016 64.68 3.36 3.36 12.41

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 13.89 13.89 4.79
Q2 2010 16.32 16.32 5.50
Q3 2010 17.54 17.54 6.10
Q4 2010 17.15 17.15 5.61
Q1 2011 16.78 16.78 5.23
Q2 2011 17.34 17.34 5.73
Q3 2011 16.13 16.13 5.63
Q4 2011 17.48 17.48 5.83
Q1 2012 17.64 17.64 5.68
Q2 2012 16.12 16.12 5.50
Q3 2012 17.55 17.55 6.41
Q4 2012 17.38 17.38 6.04
Q1 2013 18.40 18.40 6.06
Q2 2013 20.78 20.78 6.95
Q3 2013 20.95 20.95 7.20
Q4 2013 18.53 19.13 6.09
Q1 2014 22.85 23.59 7.02
Q2 2014 23.25 24.00 7.26
Q3 2014 22.07 24.25 7.53
Q4 2014 21.83 23.45 6.63
Q1 2015 24.15 25.88 7.00
Q2 2015 26.22 28.16 7.69
Q3 2015 21.07 21.20 6.29
Q4 2015 22.93 22.93 6.32
Q1 2016 14.85 14.85 3.84
Q2 2016 17.52 17.52 4.74
Q3 2016 14.23 14.23 3.95
Q4 2016 16.69 16.69 4.51

Business Segments (Million)

Compared With The
Period Restaurants Meat Factory Bakeries Shaboura factory
Q1 2009 94.27 2.74 21.45 4.04
Q2 2009 102.85 3.28 22.06 3.92
Q3 2009 107.65 3.02 19.09 3.39
Q4 2009 99.25 3.71 22.54 4.33
Q1 2010 104.81 4.03 22.98 4.37
Q2 2010 115.81 4.45 23.12 3.38
Q3 2010 120.95 4.30 18.30 2.27
Q4 2010 119.57 5.56 23.02 3.02
Q1 2011 124.61 6.28 23.98 4.43
Q2 2011 152.46 5.94 26.29 3.73
Q3 2011 144.55 5.36 20.74 1.88
Q4 2011 151.15 6.80 27.33 3.06
Q1 2012 161.28 7.26 27.15 3.26
Q2 2012 177.78 6.61 29.96 3.97
Q3 2012 170.50 5.86 33.91 -
Q4 2012 187.78 7.21 26.73 -
Q1 2013 176.07 6.47 26.22 -
Q2 2013 189.39 6.62 26.81 -
Q3 2013 173.20 6.79 18.54 -
Q4 2013 185.46 8.70 24.42 -
Q1 2014 182.75 7.74 25.44 -
Q2 2014 191.16 7.68 27.88 -
Q3 2014 196.58 6.76 21.37 -
Q4 2014 204.62 7.63 30.54 -
Q1 2015 226.66 6.83 31.71 -
Q2 2015 221.24 7.83 30.29 -
Q3 2015 246.39 6.06 27.01 -
Q4 2015 227.95 7.80 37.23 -
Q1 2016 241.18 6.67 35.70 -
Q2 2016 239.31 6.29 32.13 -
Q3 2016 279.93 6.12 29.12 -
Q4 2016 234.31 7.48 38.43 -

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average 48.45 54.95 13.42 %

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
Albilad Capital 52.00 54.95 5.7 %
Sico 48.00 54.95 14.5 %
Al Rajhi Capital 47.00 54.95 16.9 %
OSOOL AND BAKHEET 46.80 54.95 17.4 %

Current
Market Cap (M Riyal) 1,785.17
Enterprise Value (EV) (M) 1,775.41
Shares Outstanding ((M)) 64.68
EPS ( Riyal) (TTM) (0.10)
Book Value (BV) ( Riyal) 15.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) NEG
Price/book 1.77
Return on Average Assets (%) (TTM) (0.35 )
Return on Average Equity (%) (TTM) (0.65 )

Share Price

27.60
1.00 3.76 %

Herfy Food Services Co. (HERFY FOODS)


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