Farm Superstores’ net profit drops 14% in FY16
18/01/2017
Argaam Exclusive
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Saudi Marketing Co. (Farm Superstores) reported a net profit of SAR 92.7 million for fiscal year 2016, a 14 percent slump year-on-year (YoY) on the back of higher cost of goods sold (COGS) due to offers and promotions.
Financials (M)
| Item | 2015 | 2016 | Change |
|---|---|---|---|
| Revenues | 1,892.32 | 1,676.99 | (11.4 %) |
| Gross Income | 456.19 | 493.08 | 8.1 % |
| Operating Income | 119.82 | 103.55 | (13.6 %) |
| Net Income | 107.15 | 91.62 | (14.5 %) |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 2.38 | 2.04 | (14.5 %) |
Net profit for Q4 rose 3.4 percent YoY to SAR 16.8 million as revenues edged up 3.5 percent to SAR 491 million and selling and distribution costs eased. When compared to the previous quarter, however, Q4 net profit fell 27.3 percent.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2015 | Q4 2016 | Change |
|---|---|---|---|
| Revenues | 474.32 | 490.53 | 3.4 % |
| Gross Income | 108.13 | 102.79 | (4.9 %) |
| Operating Income | 16.62 | 20.73 | 24.8 % |
| Net Income | 16.28 | 16.84 | 3.4 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.36 | 0.37 | 3.4 % |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2016 | 482.23 | 5.9 % | 112.15 | 7.2 % | 28.73 | (11.9 %) |
| Q2 2016 | 524.82 | 2.1 % | 130.10 | 5.8 % | 28.69 | (16.1 %) |
| Q3 2016 | 433.06 | (3.5 %) | 120.16 | (0.3 %) | 26.35 | (27.6 %) |
| Q4 2016 | 490.53 | 3.4 % | 102.79 | (4.9 %) | 20.73 | 24.8 % |
| 2016 | 1,676.99 | (11.4 %) | 493.08 | 8.1 % | 103.55 | (13.6 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2016 | 25.45 | (12.5 %) | 0.57 | - | 25.45 | 0.57 |
| Q2 2016 | 27.17 | (17.2 %) | 0.60 | - | 27.17 | 0.60 |
| Q3 2016 | 23.19 | (19.9 %) | 0.52 | - | 23.19 | 0.52 |
| Q4 2016 | 16.84 | 3.4 % | 0.37 | - | 16.84 | 0.37 |
| 2016 | 91.62 | (14.5 %) | 2.04 | - | 91.62 | 2.04 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | 24.17 % | 8.14 % | 5.54 % |
| Q2 2016 | 24.40 % | 7.86 % | 5.21 % |
| Q3 2016 | 24.58 % | 7.47 % | 4.76 % |
| Q4 2016 | 24.10 % | 7.68 % | 4.80 % |
| 2016 | 29.40 % | 8.78 % | 5.46 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2016 | 45.00 | 2.30 | 2.36 | 12.63 |
| Q2 2016 | 45.00 | 2.17 | 2.24 | 13.24 |
| Q3 2016 | 45.00 | 2.05 | 2.03 | 13.75 |
| Q4 2016 | 45.00 | 2.06 | 2.06 | 14.09 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2016 | 16.72 | 16.29 | 3.04 |
| Q2 2016 | 19.46 | 18.92 | 3.20 |
| Q3 2016 | 10.94 | 11.05 | 1.63 |
| Q4 2016 | 15.51 | 15.51 | 2.27 |
Analysts Estimates (Million)
| Item | Q4 2016 (e) | Q4 2016 (a) | Change |
|---|---|---|---|
| Average | 19.85 | 16.84 | (15.1 %) |
Estimates vs Actual (Million)
| Item | Q4 2016 (e) | Q4 2016 (a) | Change |
|---|---|---|---|
| OSOOL AND BAKHEET | 19.70 | 16.84 | (14.5) % |
| Albilad Capital | 20.00 | 16.84 | (15.8) % |
| Current | |
| Market Cap (M Riyal) | 993.60 |
| Enterprise Value (EV) (M) | 1,563.94 |
| Shares Outstanding ((M)) | 45.00 |
| EPS ( Riyal) (TTM) | 0.52 |
| Book Value (BV) ( Riyal) | 15.14 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 26.05 |
| P/E (TTM) | 42.21 |
| Price/book | 1.46 |
| Return on Average Assets (%) (TTM) | 1.0 |
| Return on Average Equity (%) (TTM) | 3.5 |
Share Price
Saudi Marketing Co. (FARM SUPERSTORES)
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