Farm Superstores profit tumbles 99% in H1

08/08/2018 Argaam Exclusive

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Saudi Marketing Co.'s (Farm Superstores) first-half net profit plunged 99.4 percent year-on-year (YoY) to SAR 264 million, on account of lower revenue and higher discounts amid current market conditions.

Financials (M)

Item	6m 2017	6m 2018	Change‬
Revenues	1,007.88	775.34	(23.1 %)
Gross Income	255.54	206.77	(19.1 %)
Operating Income	49.65	(4.80)	(109.7 %)
Net Income	42.87	2.41	(94.4 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.95	0.05	(94.4 %)

In Q2 2018, the company swung to a net loss of SAR 11.9 million, compared to a net profit of SAR 20.3 million a year earlier and net profit of SAR 12 million in Q1 2018, due to an increase in selling, general and administrative expenses and net non-operating costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2017	Q2 2018	Change‬
Revenues	516.42	400.89	(22.4 %)
Gross Income	127.70	93.72	(26.6 %)
Operating Income	23.86	(15.93)	(166.7 %)
Net Income	20.35	(11.27)	(155.4 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.45	(0.25)	(155.4 %)

Item	Q1 2018	Q2 2018	Change‬
Revenues	374.45	400.89	7.1 %
Gross Income	113.05	93.72	(17.1 %)
Operating Income	11.13	(15.93)	(243.1 %)
Net Income	13.68	(11.27)	(182.4 %)
Average Shares	45.00	45.00	-
EPS (Riyals)	0.30	(0.25)	(182.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	899.12	-	195.73	-	48.22	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	1,025.78	14.1 %	204.37	4.4 %	56.18	16.5 %
Q1 2011	-	-	-	-	-	-
Q2 2011	303.99	-	62.21	-	14.19	-
Q3 2011	330.91	-	68.92	-	14.12	-
Q4 2011	350.17	-	50.81	-	19.08	-
2011	1,253.14	22.2 %	235.73	15.3 %	62.38	11.0 %
Q1 2012	342.36	-	64.04	-	18.76	-
Q2 2012	350.01	15.1 %	78.29	25.8 %	19.20	35.3 %
Q3 2012	384.15	16.1 %	84.23	22.2 %	22.29	57.9 %
Q4 2012	419.14	19.7 %	72.64	43.0 %	12.25	(35.8 %)
2012	1,495.67	19.4 %	299.19	26.9 %	72.49	16.2 %
Q1 2013	391.22	14.3 %	87.02	35.9 %	26.24	39.9 %
Q2 2013	397.65	13.6 %	89.20	13.9 %	21.25	10.7 %
Q3 2013	413.71	7.7 %	89.95	6.8 %	20.31	(8.9 %)
Q4 2013	423.76	1.1 %	87.89	21.0 %	26.43	115.8 %
2013	1,626.34	8.7 %	354.06	18.3 %	94.23	30.0 %
Q1 2014	405.04	3.5 %	93.24	7.2 %	28.10	7.1 %
Q2 2014	475.21	19.5 %	103.31	15.8 %	29.36	38.2 %
Q3 2014	409.88	(0.9 %)	103.87	15.5 %	26.69	31.4 %
Q4 2014	450.89	6.4 %	102.85	17.0 %	28.00	5.9 %
2014	1,740.72	7.0 %	402.98	13.8 %	112.16	19.0 %
Q1 2015	455.49	12.5 %	104.58	12.2 %	32.61	16.0 %
Q2 2015	513.81	8.1 %	123.00	19.1 %	34.21	16.5 %
Q3 2015	448.70	9.5 %	120.48	16.0 %	36.39	36.4 %
Q4 2015	474.32	5.2 %	108.13	5.1 %	16.62	(40.7 %)
2015	1,892.32	8.7 %	456.19	13.2 %	119.82	6.8 %
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 %)
Q1 2017	491.47	1.9 %	127.34	13.5 %	25.79	(10.2 %)
Q2 2017	516.42	(1.6 %)	127.70	(1.8 %)	23.86	(16.8 %)
Q3 2017	419.50	(3.1 %)	114.68	(4.6 %)	10.37	(60.6 %)
Q4 2017	178.50	(63.6 %)	72.65	(29.3 %)	1.51	(92.7 %)
2017	1,605.88	(4.2 %)	442.87	(10.2 %)	61.54	(40.6 %)
Q1 2018	374.45	(23.8 %)	113.05	(11.2 %)	11.13	(56.8 %)
Q2 2018	400.89	(22.4 %)	93.72	(26.6 %)	(15.93)	(166.7 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2008	-	-	-	-	-	-
2009	899.12	-	195.73	-	48.22	-
2010	1,025.78	14.1 %	204.37	4.4 %	56.18	16.5 %
2011	1,253.14	22.2 %	235.73	15.3 %	62.38	11.0 %
2012	1,495.67	19.4 %	299.19	26.9 %	72.49	16.2 %
2013	1,626.34	8.7 %	354.06	18.3 %	94.23	30.0 %
2014	1,740.72	7.0 %	402.98	13.8 %	112.16	19.0 %
2015	1,892.32	8.7 %	456.19	13.2 %	119.82	6.8 %
2016	1,676.99	(11.4 %)	493.08	8.1 %	103.55	(13.6 %)
2017	1,605.88	(4.2 %)	442.87	(10.2 %)	61.54	(40.6 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	45.31	-	1.01	-	45.31	1.01
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	56.10	23.8 %	1.25	-	56.10	1.25
Q1 2011	-	-	-	-	-	-
Q2 2011	17.35	-	0.39	-	17.35	0.39
Q3 2011	14.92	-	0.33	-	14.92	0.33
Q4 2011	19.48	-	0.43	-	19.48	0.43
2011	66.57	18.7 %	1.48	-	66.57	1.48
Q1 2012	18.86	-	0.42	-	18.86	0.42
Q2 2012	18.76	8.1 %	0.42	-	18.76	0.42
Q3 2012	23.52	57.7 %	0.52	-	23.52	0.52
Q4 2012	17.63	(9.5 %)	0.39	-	17.63	0.39
2012	78.76	18.3 %	1.75	-	78.76	1.75
Q1 2013	24.68	30.9 %	0.55	-	24.68	0.55
Q2 2013	21.38	14.0 %	0.48	-	21.38	0.48
Q3 2013	22.21	(5.6 %)	0.49	-	22.21	0.49
Q4 2013	26.87	52.4 %	0.60	-	26.87	0.60
2013	95.15	20.8 %	2.11	-	95.15	2.11
Q1 2014	27.54	11.6 %	0.61	-	27.54	0.61
Q2 2014	29.13	36.2 %	0.65	-	29.13	0.65
Q3 2014	24.70	11.2 %	0.55	-	24.70	0.55
Q4 2014	23.11	(14.0 %)	0.51	-	23.11	0.51
2014	104.48	9.8 %	2.32	-	104.48	2.32
Q1 2015	29.08	5.6 %	0.65	-	29.08	0.65
Q2 2015	32.83	12.7 %	0.73	-	32.83	0.73
Q3 2015	28.95	17.2 %	0.64	-	32.63	0.73
Q4 2015	16.28	(29.5 %)	0.36	-	15.36	0.34
2015	107.15	2.6 %	2.38	-	109.89	2.44
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
Q1 2017	22.53	(11.5 %)	0.50	-	22.53	0.50
Q2 2017	20.35	(25.1 %)	0.45	-	20.35	0.45
Q3 2017	7.21	(68.9 %)	0.16	-	7.21	0.16
Q4 2017	(43.36)	(357.4 %)	(0.96)	-	(2.21)	(0.05)
2017	6.73	(92.7 %)	0.15	-	47.87	1.06
Q1 2018	13.68	(39.3 %)	0.30	-	13.68	0.30
Q2 2018	(11.27)	(155.4 %)	(0.25)	-	(11.27)	(0.25)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2008	-	-	-	-	-	-
2009	45.31	-	1.01	-	45.31	1.01
2010	56.10	23.8 %	1.25	-	56.10	1.25
2011	66.57	18.7 %	1.48	-	66.57	1.48
2012	78.76	18.3 %	1.75	-	78.76	1.75
2013	95.15	20.8 %	2.11	-	95.15	2.11
2014	104.48	9.8 %	2.32	-	104.48	2.32
2015	107.15	2.6 %	2.38	-	109.89	2.44
2016	91.62	(14.5 %)	2.04	-	91.62	2.04
2017	6.73	(92.7 %)	0.15	-	47.87	1.06

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	21.77 %	7.23 %	5.04 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	19.92 %	7.73 %	5.47 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	18.81 %	6.93 %	5.31 %
Q1 2012	18.53 %	6.38 %	5.32 %
Q2 2012	19.08 %	6.99 %	5.24 %
Q3 2012	19.44 %	7.31 %	5.65 %
Q4 2012	20.00 %	6.66 %	5.27 %
2012	20.00 %	6.66 %	5.27 %
Q1 2013	20.86 %	6.92 %	5.48 %
Q2 2013	20.92 %	6.91 %	5.48 %
Q3 2013	20.89 %	6.70 %	5.30 %
Q4 2013	21.77 %	7.62 %	5.85 %
2013	21.77 %	7.62 %	5.85 %
Q1 2014	21.97 %	7.70 %	5.98 %
Q2 2014	21.80 %	7.85 %	6.16 %
Q3 2014	22.66 %	8.26 %	6.32 %
Q4 2014	23.16 %	8.27 %	6.00 %
2014	23.15 %	8.27 %	6.00 %
Q1 2015	23.14 %	8.40 %	5.92 %
Q2 2015	23.73 %	8.60 %	6.00 %
Q3 2015	24.13 %	9.07 %	6.29 %
Q4 2015	24.11 %	8.39 %	5.81 %
2015	24.11 %	8.39 %	5.81 %
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 %
Q1 2017	24.76 %	7.56 %	4.63 %
Q2 2017	24.75 %	7.44 %	4.29 %
Q3 2017	24.64 %	6.76 %	3.49 %
Q4 2017	27.55 %	9.61 %	2.98 %
2017	27.58 %	9.61 %	2.98 %
Q1 2018	28.75 %	9.43 %	2.62 %
Q2 2018	28.70 %	7.25 %	0.54 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	21.77 %	7.23 %	5.04 %
2010	19.92 %	7.73 %	5.47 %
2011	18.81 %	6.93 %	5.31 %
2012	20.00 %	6.66 %	5.27 %
2013	21.77 %	7.62 %	5.85 %
2014	23.15 %	8.27 %	6.00 %
2015	24.11 %	8.39 %	5.81 %
2016	29.40 %	8.78 %	5.46 %
2017	27.58 %	9.61 %	2.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	20.46 %	-	5.71 %
Q3 2011	20.83 %	6.32 %	4.51 %
Q4 2011	14.51 %	6.71 %	5.56 %
Q1 2012	18.70 %	7.61 %	5.51 %
Q2 2012	22.37 %	7.29 %	5.36 %
Q3 2012	21.93 %	7.62 %	6.12 %
Q4 2012	17.33 %	4.48 %	4.21 %
Q1 2013	22.24 %	8.51 %	6.31 %
Q2 2013	22.43 %	7.20 %	5.38 %
Q3 2013	21.74 %	6.74 %	5.37 %
Q4 2013	20.74 %	8.04 %	6.34 %
Q1 2014	23.02 %	8.82 %	6.80 %
Q2 2014	21.74 %	7.82 %	6.13 %
Q3 2014	25.34 %	8.45 %	6.03 %
Q4 2014	22.81 %	8.08 %	5.12 %
Q1 2015	22.96 %	9.26 %	6.38 %
Q2 2015	23.94 %	8.61 %	6.39 %
Q3 2015	26.85 %	10.39 %	7.27 %
Q4 2015	22.80 %	5.41 %	3.24 %
Q1 2016	23.26 %	8.22 %	5.28 %
Q2 2016	24.79 %	7.59 %	5.18 %
Q3 2016	27.75 %	8.73 %	5.35 %
Q4 2016	20.96 %	6.32 %	3.43 %
Q1 2017	25.91 %	7.74 %	4.58 %
Q2 2017	24.73 %	7.14 %	3.94 %
Q3 2017	27.34 %	5.66 %	1.72 %
Q4 2017	40.70 %	31.23 %	(1.24 %)
Q1 2018	30.19 %	6.43 %	3.65 %
Q2 2018	23.38 %	(1.01 %)	(2.81 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	45.00	-	-	7.10
Q3 2011	45.00	-	-	7.60
Q4 2011	45.00	-	-	7.73
Q1 2012	45.00	1.57	1.57	8.15
Q2 2012	45.00	1.60	1.60	8.56
Q3 2012	45.00	1.79	1.79	9.09
Q4 2012	45.00	1.75	1.75	9.20
Q1 2013	45.00	1.88	1.88	8.43
Q2 2013	45.00	1.94	1.94	8.90
Q3 2013	45.00	1.91	1.91	9.40
Q4 2013	45.00	2.11	2.11	8.72
Q1 2014	45.00	2.18	2.18	9.33
Q2 2014	45.00	2.35	2.35	9.97
Q3 2014	45.00	2.41	2.41	10.52
Q4 2014	45.00	2.32	2.32	11.04
Q1 2015	45.00	2.36	2.36	11.68
Q2 2015	45.00	2.44	2.44	11.25
Q3 2015	45.00	2.53	2.61	11.89
Q4 2015	45.00	2.38	2.44	12.22
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
Q1 2017	45.00	1.99	1.99	14.59
Q2 2017	45.00	1.84	1.84	14.04
Q3 2017	45.00	1.49	1.49	14.20
Q4 2017	45.00	0.15	1.06	13.19
Q1 2018	45.00	(0.05)	0.87	14.68
Q2 2018	45.00	(0.75)	0.16	13.67

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	-	-	-	-
2009	45.00	1.01	1.01	5.55
2010	45.00	1.25	1.25	6.38
2011	45.00	1.48	1.48	7.73
2012	45.00	1.75	1.75	9.20
2013	45.00	2.11	2.11	8.72
2014	45.00	2.32	2.32	11.04
2015	45.00	2.38	2.44	12.22
2016	45.00	2.04	2.04	14.09
2017	45.00	0.15	1.06	13.19

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	22.00	22.00	5.14
Q2 2014	27.20	27.20	6.41
Q3 2014	30.58	30.58	6.99
Q4 2014	27.42	27.42	5.77
Q1 2015	24.69	24.69	4.98
Q2 2015	24.25	24.25	5.26
Q3 2015	20.03	19.40	4.27
Q4 2015	20.10	19.60	3.92
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
Q1 2017	15.43	15.43	2.11
Q2 2017	15.44	15.44	2.03
Q3 2017	18.19	18.19	1.90
Q4 2017	More than 100	22.04	1.78
Q1 2018	NEG	26.44	1.56
Q2 2018	NEG	More than 100	1.59

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	27.42	27.42	5.77
2015	20.10	19.60	3.92
2016	15.68	15.68	2.27
2017	More than 100	22.04	1.78

Business Segments (Million)

Compared With The

Period	Retail sector	Home appliances	Hospitality and Leisure
Q1 2018	361.66	2.60	10.19
Q2 2018	386.56	3.26	11.07

Period	Retail sector	Home appliances	Hospitality and Leisure
2017	1,547.30	14.03	44.55

Analysts Estimates (Million)

Item	Q2 2018 (e)	Q2 2018 (a)	Change‬
Average	10.20	(11.27)	(210.5 %)

Estimates vs Actual (Million)

Item	Q2 2018 (e)	Q2 2018 (a)	Change
Albilad Capital	15.00	(11.27)	(175.1) %
Arbah Capital	10.50	(11.27)	(207.3) %
OSOOL AND BAKHEET	5.10	(11.27)	(320.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,074.60
Enterprise Value (EV) (M)	1,584.37
Shares Outstanding ((M))	45.00
EPS ( Riyal) (TTM)	0.47
Book Value (BV) ( Riyal)	14.84
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	46.33
P/E (TTM)	More than 100
Price/book	1.61
Return on Average Assets (%) (TTM)	0.9
Return on Average Equity (%) (TTM)	3.2

Saudi Marketing Co. (FARM SUPERSTORES)

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Farm Superstores profit tumbles 99% in H1

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Marketing Co. (FARM SUPERSTORES)

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Farm Superstores profit tumbles 99% in H1

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2018

Revenue by Business Segment (Latest) 2018 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Marketing Co. (FARM SUPERSTORES)

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Business Segments (Million)