Financial Results : Farm Superstores posts 51% profit decline in H1 2019

Farm Superstores posts 51% profit decline in H1 2019

07/08/2019 Argaam Exclusive

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Saudi Marketing Co. (Farm Superstores) reported net profit after zakat and tax of 1.2 million, plummeting 51.26 percent year-on-year (YoY) for H1 2019, driven by the implementation of IFRS 16, despite higher revenue.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 775.34 791.93 2.1 %
Gross Income 206.77 232.13 12.3 %
Operating Income (4.80) 23.23 584.5 %
Net Income 2.41 1.17 (51.3 %)
Average Shares 45.00 45.00 -
EPS (Riyals) 0.05 0.03 (51.3 %)

Second-quarter net earnings stood at SAR 3.77 million, versus net losses of SAR 11.26 million in year-earlier period, due to higher revenue, lower selling, distribution, general and administrative expenses, and improved profit margins.

 

On a quarterly basis, the company turned to profit in Q2 versus net losses of SAR 2.6 million in Q1 2019, on lower general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 400.89 402.51 0.4 %
Gross Income 93.72 115.51 23.3 %
Operating Income (15.93) 12.51 178.6 %
Net Income (11.27) 3.78 133.5 %
Average Shares 45.00 45.00 -
EPS (Riyals) (0.25) 0.08 133.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
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 -
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 %)
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 %
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 %
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 %)
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 %
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 %)
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 %)
Q3 2018 382.67 (8.8 %) 111.73 (2.6 %) 1.87 (82.0 %)
Q4 2018 405.90 127.4 % 124.47 71.3 % 10.15 572.9 %
Q1 2019 389.42 4.0 % 116.62 3.1 % 10.72 (3.7 %)
Q2 2019 402.51 0.4 % 115.51 23.3 % 12.51 178.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
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
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
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
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
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 (3.68) 32.63 0.73
Q4 2015 16.28 (29.5 %) 0.36 0.93 15.36 0.34
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
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) (41.15) (2.21) (0.05)
Q1 2018 13.68 (39.3 %) 0.30 - 13.68 0.30
Q2 2018 (11.27) (155.4 %) (0.25) - (11.27) (0.25)
Q3 2018 3.54 (50.9 %) 0.08 - 3.54 0.08
Q4 2018 (2.17) 95.0 % (0.05) 3.79 (5.95) (0.13)
Q1 2019 (2.60) (119.0 %) (0.06) - (2.60) (0.06)
Q2 2019 3.78 133.5 % 0.08 - 3.78 0.08

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2018 28.75 % 9.43 % 2.62 %
Q2 2018 28.70 % 7.25 % 0.54 %
Q3 2018 29.27 % 6.81 % 0.28 %
Q4 2018 28.32 % 4.11 % 0.00 %
Q1 2019 28.28 % 5.12 % (1.03 %)
Q2 2019 29.63 % 8.06 % (0.08 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2018 45.00 (0.83) 0.08 13.74
Q4 2018 45.00 0.08 0.00 12.63
Q1 2019 45.00 (0.28) (0.36) 12.58
Q2 2019 45.00 0.06 (0.03) 12.66

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2018 NEG More than 100 1.26
Q4 2018 More than 100 NEG 1.29
Q1 2019 NEG NEG 1.43
Q2 2019 More than 100 NEG 1.23

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
Q3 2018 369.39 2.56 10.71
Q4 2018 394.22 2.42 9.26
Q1 2019 375.00 5.39 9.03
Q2 2019 387.69 4.86 9.96


Financial Ratios
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
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Share Price

Saudi Marketing Co.
22.08
0.28 1.28 %

Saudi Marketing Co. (FARM SUPERSTORES)

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