Financial Results : Tabuk Agricultural slips to net loss of SAR 7.9 mln in H1

Tabuk Agricultural slips to net loss of SAR 7.9 mln in H1

25/07/2016 Argaam Exclusive

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Tabuk Agricultural Development Co. (TADCO) swung to net loss of SAR 7.9 million in the first half of 2016, compared to the same period last year. The decline was attributed to lower sales volumes and unrealized losses from financial investments.



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 54.79 36.72 (33.0 %)
Gross Income 23.39 12.30 (47.4 %)
Operating Income 3.60 (9.49) (363.9 %)
Net Income 4.70 (11.39) (342.2 %)
Average Shares 33.73 33.73 -
EPS (Riyals) 0.14 (0.34) (342.2 %)

 

The second quarter showed a net loss of SAR 4.2 million against a profit of SAR 178,000 the same period last year due to lower sales, along with higher costs and marketing expenses. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 28.25 23.45 (17.0 %)
Gross Income 10.71 6.09 (43.2 %)
Operating Income (2.19) (6.04) (176.3 %)
Net Income 0.18 (4.61) (2691.0 %)
Average Shares 33.73 33.73 -
EPS (Riyals) 0.01 (0.14) (2691.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2013 29.79 (23.1 %) 12.41 (27.9 %) (6.89) (34.4 %)
Q1 2014 20.67 90.8 % 7.26 48.6 % 2.04 43.6 %
Q2 2014 29.12 (24.4 %) 11.36 (26.7 %) (1.26) (140.5 %)
Q3 2014 51.12 22.1 % 16.79 (13.0 %) 0.66 (48.8 %)
Q4 2014 53.12 78.3 % 22.04 77.6 % 3.42 149.6 %
Q1 2015 26.54 28.4 % 12.68 74.7 % 5.78 184.1 %
Q2 2015 28.25 (3.0 %) 10.71 (5.7 %) (2.19) (74.1 %)
Q3 2015 44.26 (13.4 %) 18.88 12.5 % 4.99 653.5 %
Q4 2015 52.77 (0.6 %) 17.42 (21.0 %) (2.82) (182.4 %)
Q1 2016 13.27 (50.0 %) 6.22 (51.0 %) (3.44) (159.5 %)
Q2 2016 23.45 (17.0 %) 6.09 (43.2 %) (6.04) (176.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2013 (19.90) (116.5 %) (0.89) - (19.90) (0.89)
Q1 2014 1.74 15.1 % 0.08 - 1.74 0.08
Q2 2014 0.50 (79.9 %) 0.02 - 0.50 0.02
Q3 2014 3.27 211.2 % 0.15 - 3.27 0.15
Q4 2014 1.68 108.5 % 0.07 - 1.68 0.07
Q1 2015 4.53 159.8 % 0.13 - 4.53 0.13
Q2 2015 0.18 (64.6 %) 0.01 - 0.18 0.01
Q3 2015 3.45 5.4 % 0.10 - 3.45 0.10
Q4 2015 (2.86) (270.1 %) (0.08) - (2.86) (0.08)
Q1 2016 (6.77) (249.7 %) (0.20) - (6.77) (0.20)
Q2 2016 (4.61) (2691.0 %) (0.14) - (4.61) (0.14)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2013 43.06 % 18.83 % (12.26 %)
Q1 2014 41.64 % 17.93 % (11.17 %)
Q2 2014 41.45 % 15.87 % (13.67 %)
Q3 2014 36.59 % 14.30 % (11.00 %)
Q4 2014 37.30 % 18.84 % 4.67 %
Q1 2015 39.32 % 20.78 % 6.24 %
Q2 2015 39.13 % 20.69 % 6.07 %
Q3 2015 42.27 % 24.88 % 6.46 %
Q4 2015 39.32 % 21.25 % 3.48 %
Q1 2016 38.42 % 16.98 % (4.34 %)
Q2 2016 36.34 % 9.76 % (8.07 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2013 22.48 (0.66) (0.66) 15.47
Q1 2014 22.48 (0.65) (0.65) 15.61
Q2 2014 22.48 (0.74) (0.74) 15.57
Q3 2014 22.48 (0.64) (0.64) 15.72
Q4 2014 22.48 0.32 0.32 15.79
Q1 2015 33.73 0.30 0.30 18.07
Q2 2015 33.73 0.29 0.29 18.08
Q3 2015 33.73 0.29 0.29 18.18
Q4 2015 33.73 0.16 0.16 18.10
Q1 2016 33.73 (0.18) (0.18) 17.99
Q2 2016 33.73 (0.32) (0.32) 17.18

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2013 NEG NEG 3.48
Q1 2014 NEG NEG 3.58
Q2 2014 NEG NEG 4.03
Q3 2014 NEG NEG 4.29
Q4 2014 More than 100 More than 100 2.50
Q1 2015 91.17 91.17 1.49
Q2 2015 94.02 94.02 1.49
Q3 2015 66.76 66.76 1.07
Q4 2015 More than 100 More than 100 1.11
Q1 2016 NEG NEG 0.92
Q2 2016 NEG NEG 1.13

Business Segments (Million)

Compared With The
Period Cereals Fruits Feeding Vegetables Food products Sales - Sheep Sales - trees
Q1 2016 0.02 - 5.50 5.85 1.71 - 0.20
Q2 2016 2.13 13.90 3.32 2.60 1.39 - 0.10


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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