Financial Results : Tabuk Agriculture posts lower net profit at SAR 5.1m in I3 of 2013

Tabuk Agriculture posts lower net profit at SAR 5.1m in I3 of 2013

30/09/2013 Argaam Exclusive

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Tabuk Agriculture Development Company, reported SAR 5.1m net profit in I3 of 2013, a 73% decrease compared to the same period last year, as shown in the following table:



Financials (M)

Item 9m 2012 9m 2013 Change‬
Revenues 117.34 91.20 (22.3 %)
Gross Income 52.82 39.69 (24.9 %)
Operating Income 20.01 5.81 (70.9 %)
Net Income 19.13 5.06 (73.5 %)
Average Shares 22.48 22.48 -
EPS (Riyals) 0.85 0.23 (73.5 %)


Current Quarter Comparison (M)

Compared With The
Item Q3 2012 Q3 2013 Change‬
Revenues 67.83 41.87 (38.3 %)
Gross Income 28.14 19.30 (31.4 %)
Operating Income 9.49 1.29 (86.4 %)
Net Income 8.55 1.05 (87.7 %)
Average Shares 22.48 22.48 -
EPS (Riyals) 0.38 0.05 (87.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 20.18 234.3 % 10.15 259.7 % 6.82 207.3 %
Q2 2004 36.70 117.0 % 14.97 114.8 % 6.80 687.3 %
Q3 2004 27.95 5.0 % 9.66 12.0 % (2.97) (49.7 %)
Q4 2004 45.95 (37.2 %) 24.17 (25.3 %) 10.24 (19.2 %)
Q1 2005 43.00 113.1 % 20.03 97.3 % 15.72 130.4 %
Q2 2005 25.21 (31.3 %) 12.56 (16.1 %) 1.93 (71.6 %)
Q3 2005 25.13 (10.1 %) 10.50 8.7 % (2.25) 24.2 %
Q4 2005 36.85 (19.8 %) 19.28 (20.2 %) (0.32) (103.1 %)
Q1 2006 44.99 4.6 % 16.93 (15.5 %) 13.67 (13.1 %)
Q2 2006 24.85 (1.4 %) 10.23 (18.5 %) 1.25 (35.1 %)
Q3 2006 32.10 27.7 % 13.92 32.5 % (3.02) (34.3 %)
Q4 2006 48.26 31.0 % 29.18 51.3 % 10.14 3258.6 %
Q1 2007 50.09 11.3 % 19.46 14.9 % 15.41 12.7 %
Q2 2007 26.40 6.3 % 14.01 36.9 % 3.68 193.1 %
Q3 2007 29.30 (8.7 %) 15.44 10.9 % (0.84) 72.2 %
Q4 2007 39.86 (17.4 %) 20.81 (28.7 %) 2.24 (77.9 %)
Q1 2008 62.11 24.0 % 23.99 23.3 % 19.32 25.4 %
Q2 2008 32.11 21.6 % 15.71 12.1 % 3.54 (3.6 %)
Q3 2008 34.78 18.7 % 14.14 (8.4 %) (2.83) (236.3 %)
Q4 2008 38.92 (2.4 %) 20.24 (2.7 %) 4.29 91.4 %
Q1 2009 49.45 (20.4 %) 14.55 (39.4 %) 10.22 (47.1 %)
Q2 2009 24.19 (24.7 %) 9.23 (41.3 %) 0.43 (87.8 %)
Q3 2009 34.48 (0.8 %) 10.32 (27.0 %) (0.99) 64.9 %
Q4 2009 59.69 53.4 % 18.88 (6.7 %) (0.96) (122.5 %)
Q1 2010 9.82 (80.1 %) 5.03 (65.4 %) (2.32) (122.7 %)
Q2 2010 32.03 32.4 % 14.99 62.4 % 6.18 1332.9 %
Q3 2010 33.58 (2.6 %) 10.86 5.2 % 1.83 284.5 %
Q4 2010 75.08 25.8 % 26.87 42.3 % 8.11 941.6 %
Q1 2011 20.69 110.7 % 11.57 130.2 % 8.34 459.6 %
Q2 2011 39.31 22.7 % 21.14 41.1 % 10.67 72.8 %
Q3 2011 71.23 112.1 % 35.81 229.9 % 19.20 949.1 %
Q4 2011 42.54 (43.3 %) 12.47 (53.6 %) (3.07) (137.8 %)
Q1 2012 15.56 (24.8 %) 7.46 (35.6 %) 3.25 (61.1 %)
Q2 2012 33.95 (13.6 %) 17.23 (18.5 %) 7.27 (31.9 %)
Q3 2012 67.83 (4.8 %) 28.14 (21.4 %) 9.49 (50.6 %)
Q4 2012 38.74 (8.9 %) 17.21 38.0 % (5.13) (67.3 %)
Q1 2013 10.83 (30.4 %) 4.88 (34.5 %) 1.42 (56.3 %)
Q2 2013 38.50 13.4 % 15.50 (10.0 %) 3.10 (57.3 %)
Q3 2013 41.87 (38.3 %) 19.30 (31.4 %) 1.29 (86.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 6.37 210.8 % 0.28 - 6.37 0.28
Q2 2004 7.28 889.1 % 0.32 - 7.28 0.32
Q3 2004 (2.41) (480.5 %) (0.11) - (2.41) (0.11)
Q4 2004 9.54 (26.8 %) 0.42 - 9.54 0.42
Q1 2005 15.52 143.6 % 0.69 - 15.52 0.69
Q2 2005 4.27 (41.4 %) 0.19 - 4.27 0.19
Q3 2005 (2.52) (4.6 %) (0.11) - (2.52) (0.11)
Q4 2005 25.55 167.8 % 1.14 - 25.55 1.14
Q1 2006 16.72 7.7 % 0.74 - 16.72 0.74
Q2 2006 0.91 (78.6 %) 0.04 - 0.91 0.04
Q3 2006 (3.06) (21.7 %) (0.14) - (3.06) (0.14)
Q4 2006 10.83 (57.6 %) 0.48 - 10.83 0.48
Q1 2007 15.22 (9.0 %) 0.68 - 15.22 0.68
Q2 2007 3.72 307.7 % 0.17 - 3.72 0.17
Q3 2007 (1.31) 57.3 % (0.06) - (1.31) (0.06)
Q4 2007 2.56 (76.3 %) 0.11 - 2.56 0.11
Q1 2008 19.31 26.9 % 0.86 - 19.31 0.86
Q2 2008 2.99 (19.6 %) 0.13 - 2.99 0.13
Q3 2008 (3.24) (147.6 %) (0.14) - (3.24) (0.14)
Q4 2008 4.51 76.0 % 0.20 - 4.51 0.20
Q1 2009 10.00 (48.2 %) 0.44 - 10.00 0.44
Q2 2009 (0.07) (102.5 %) 0.00 - (0.07) 0.00
Q3 2009 (1.62) 49.9 % (0.07) - (1.62) (0.07)
Q4 2009 (1.26) (127.9 %) (0.06) - (1.26) (0.06)
Q1 2010 (2.54) (125.4 %) (0.11) - (2.54) (0.11)
Q2 2010 5.45 7459.5 % 0.24 - 5.45 0.24
Q3 2010 1.23 175.9 % 0.05 - 1.23 0.05
Q4 2010 7.48 694.0 % 0.33 - 7.48 0.33
Q1 2011 8.21 422.8 % 0.37 - 8.21 0.37
Q2 2011 10.03 84.1 % 0.45 - 10.03 0.45
Q3 2011 18.00 1361.1 % 0.80 - 18.00 0.80
Q4 2011 (3.13) (141.9 %) (0.14) - (3.13) (0.14)
Q1 2012 3.55 (56.7 %) 0.16 - 3.55 0.16
Q2 2012 7.03 (29.9 %) 0.31 - 7.03 0.31
Q3 2012 8.55 (52.5 %) 0.38 - 8.55 0.38
Q4 2012 (9.19) (193.7 %) (0.41) (3.02) (6.18) (0.27)
Q1 2013 1.51 (57.4 %) 0.07 - 1.51 0.07
Q2 2013 2.50 (64.5 %) 0.11 - 2.50 0.11
Q3 2013 1.05 (87.7 %) 0.05 - 1.05 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 42.45 % 29.57 % 15.18 %
Q2 2004 42.19 % 29.45 % 17.44 %
Q3 2004 42.49 % 28.48 % 15.37 %
Q4 2004 45.07 % 32.53 % 15.90 %
Q1 2005 44.81 % 33.30 % 19.49 %
Q2 2005 46.73 % 32.74 % 18.95 %
Q3 2005 48.28 % 34.08 % 19.25 %
Q4 2005 47.91 % 28.40 % 32.90 %
Q1 2006 44.84 % 26.87 % 33.31 %
Q2 2006 43.20 % 26.11 % 30.85 %
Q3 2006 43.49 % 24.57 % 28.91 %
Q4 2006 46.78 % 30.53 % 16.91 %
Q1 2007 46.87 % 30.95 % 15.39 %
Q2 2007 48.82 % 32.82 % 17.02 %
Q3 2007 50.69 % 35.14 % 18.47 %
Q4 2007 47.87 % 31.56 % 13.86 %
Q1 2008 47.09 % 31.88 % 15.40 %
Q2 2008 46.48 % 30.96 % 14.42 %
Q3 2008 44.21 % 28.89 % 12.81 %
Q4 2008 44.12 % 30.33 % 14.04 %
Q1 2009 41.63 % 26.99 % 9.19 %
Q2 2009 39.47 % 26.38 % 7.60 %
Q3 2009 36.95 % 27.50 % 8.71 %
Q4 2009 31.57 % 20.80 % 4.20 %
Q1 2010 33.90 % 17.24 % (4.29 %)
Q2 2010 36.19 % 19.53 % 0.02 %
Q3 2010 36.82 % 21.61 % 2.13 %
Q4 2010 38.36 % 25.21 % 7.72 %
Q1 2011 39.83 % 29.68 % 13.86 %
Q2 2011 41.76 % 31.25 % 15.98 %
Q3 2011 46.24 % 33.70 % 21.19 %
Q4 2011 46.61 % 33.31 % 19.05 %
Q1 2012 45.58 % 31.07 % 16.87 %
Q2 2012 44.68 % 29.72 % 15.59 %
Q3 2012 40.83 % 24.09 % 10.01 %
Q4 2012 44.87 % 23.43 % 8.30 %
Q1 2013 44.57 % 23.32 % 7.21 %
Q2 2013 42.16 % 20.36 % 4.09 %
Q3 2013 43.79 % 18.59 % (0.86 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 22.48 0.92 0.92 16.06
Q2 2004 22.48 1.22 1.22 16.36
Q3 2004 22.48 1.08 1.08 16.25
Q4 2004 22.48 0.92 0.92 16.01
Q1 2005 22.48 1.33 1.33 16.67
Q2 2005 22.48 1.20 1.20 17.78
Q3 2005 22.48 1.19 1.19 17.99
Q4 2005 22.48 1.91 1.91 17.21
Q1 2006 22.48 1.96 1.96 17.45
Q2 2006 22.48 1.81 1.81 17.24
Q3 2006 22.48 1.78 1.78 17.02
Q4 2006 22.48 1.13 1.13 16.32
Q1 2007 22.48 1.06 1.06 16.93
Q2 2007 22.48 1.19 1.19 17.06
Q3 2007 22.48 1.27 1.27 17.05
Q4 2007 22.48 0.90 0.90 16.93
Q1 2008 22.48 1.08 1.08 17.02
Q2 2008 22.48 1.05 1.05 17.20
Q3 2008 22.48 0.96 0.96 16.87
Q4 2008 22.48 1.05 1.05 16.44
Q1 2009 22.48 0.63 0.63 16.71
Q2 2009 22.48 0.50 0.50 16.73
Q3 2009 22.48 0.57 0.57 16.69
Q4 2009 22.48 0.31 0.31 15.95
Q1 2010 22.48 (0.24) (0.24) 15.74
Q2 2010 22.48 0.00 0.00 15.93
Q3 2010 22.48 0.13 0.13 15.99
Q4 2010 22.48 0.52 0.52 15.88
Q1 2011 22.48 0.99 0.99 16.09
Q2 2011 22.48 1.20 1.20 16.52
Q3 2011 22.48 1.94 1.94 17.30
Q4 2011 22.48 1.47 1.47 16.51
Q1 2012 22.48 1.27 1.27 16.48
Q2 2012 22.48 1.13 1.13 16.74
Q3 2012 22.48 0.71 0.71 17.13
Q4 2012 22.48 0.44 0.58 16.23
Q1 2013 22.48 0.35 0.49 16.39
Q2 2013 22.48 0.15 0.28 16.25
Q3 2013 22.48 (0.18) (0.05) 16.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 35.94 35.94 2.07
Q2 2004 31.54 31.54 2.34
Q3 2004 52.44 52.44 3.49
Q4 2004 48.83 48.83 2.82
Q1 2005 29.14 29.14 2.33
Q2 2005 77.81 77.81 5.24
Q3 2005 84.37 84.37 5.59
Q4 2005 71.85 71.85 7.95
Q1 2006 38.83 38.83 4.36
Q2 2006 67.34 67.34 7.07
Q3 2006 92.16 92.16 9.67
Q4 2006 51.52 51.52 3.57
Q1 2007 71.54 71.54 4.49
Q2 2007 60.11 60.11 4.19
Q3 2007 77.85 77.85 5.78
Q4 2007 98.06 98.06 5.20
Q1 2008 52.08 52.08 3.30
Q2 2008 57.40 57.40 3.50
Q3 2008 37.10 37.10 2.12
Q4 2008 26.78 26.78 1.71
Q1 2009 46.85 46.85 1.78
Q2 2009 85.69 85.69 2.55
Q3 2009 68.60 68.60 2.34
Q4 2009 More than 100 More than 100 2.60
Q1 2010 NEG NEG 2.55
Q2 2010 More than 100 More than 100 1.91
Q3 2010 More than 100 More than 100 1.70
Q4 2010 56.91 56.91 1.85
Q1 2011 31.36 31.36 1.94
Q2 2011 32.63 32.63 2.37
Q3 2011 21.63 21.63 2.43
Q4 2011 34.77 34.77 3.10
Q1 2012 44.88 44.88 3.45
Q2 2012 34.53 34.53 2.34
Q3 2012 68.00 68.00 2.83
Q4 2012 More than 100 83.98 2.98
Q1 2013 More than 100 More than 100 3.30
Q2 2013 More than 100 More than 100 3.92
Q3 2013 NEG NEG 3.49


Financial Ratios
Current
Market Cap (M Riyal) 598.52
Enterprise Value (EV) (M) 664.70
Shares Outstanding ((M)) 39.17
EPS ( Riyal) (TTM) (1.72)
Book Value (BV) ( Riyal) 7.17
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.13
Return on Average Assets (%) (TTM) (13.42 )
Return on Average Equity (%) (TTM) (21.32 )
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Share Price

Tabuk Agricultural Development Co.
15.28
0.02 0.13 %

Tabuk Agricultural Development Co. (TADCO)

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