Al-Jouf Agricultural posts SAR 8.6 mln (+65%) net profit in Q1-2015

12/04/2015 Argaam Exclusive

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Al-Jouf Agricultural Development Company, a producer of olive oil and agricultural products in Saudi Arabia, reported a net profit of SAR 8.6 million for first quarter, 65 percent higher compared to the same period in 2014.

First quarter's increase was mainly attributed to higher sales and other revenues, compared to the same period last year.

Sales and marketing costs also declined contributing to higher net profit, the company added The decline of net profit compared to the previous quarter, however, was attributed to lower sales and other revenue due to the seasonal nature of the company’s products.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2014	Q1 2015	Change‬
Revenues	46.84	53.18	13.5 %
Gross Income	15.94	18.28	14.7 %
Operating Income	5.49	8.23	50.0 %
Net Income	5.19	8.62	66.1 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.17	0.29	66.1 %

Item	Q4 2014	Q1 2015	Change‬
Revenues	110.23	53.18	(51.8 %)
Gross Income	51.53	18.28	(64.5 %)
Operating Income	37.13	8.23	(77.8 %)
Net Income	37.03	8.62	(76.7 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	1.23	0.29	(76.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2006	8.73	(23.8 %)	2.60	(5.8 %)	0.36	417.0 %
Q2 2006	17.52	(66.7 %)	8.59	(47.8 %)	3.50	(65.7 %)
Q3 2006	41.32	(9.2 %)	16.89	17.4 %	7.02	61.2 %
Q4 2006	106.58	201.0 %	57.27	244.4 %	44.31	765.8 %
2006	174.14	20.1 %	85.35	69.9 %	55.19	181.9 %
Q1 2007	18.04	106.6 %	8.82	239.0 %	6.31	1677.5 %
Q2 2007	17.62	0.6 %	9.98	16.2 %	3.98	13.9 %
Q3 2007	50.60	22.5 %	22.43	32.8 %	13.60	93.7 %
Q4 2007	102.82	(3.5 %)	53.23	(7.1 %)	38.68	(12.7 %)
2007	189.08	8.6 %	94.46	10.7 %	62.58	13.4 %
Q1 2008	22.50	24.7 %	11.14	26.3 %	8.12	28.7 %
Q2 2008	41.78	137.1 %	22.65	126.9 %	13.08	228.2 %
Q3 2008	67.19	32.8 %	28.58	27.4 %	15.08	10.9 %
Q4 2008	81.31	(20.9 %)	37.22	(30.1 %)	22.46	(41.9 %)
2008	212.77	12.5 %	99.59	5.4 %	58.75	(6.1 %)
Q1 2009	51.98	131.1 %	19.95	79.1 %	15.68	93.1 %
Q2 2009	39.33	(5.9 %)	18.77	(17.1 %)	9.99	(23.6 %)
Q3 2009	79.83	18.8 %	33.91	18.6 %	19.43	28.8 %
Q4 2009	94.74	16.5 %	31.33	(15.8 %)	20.71	(7.8 %)
2009	265.89	25.0 %	103.96	4.4 %	65.82	12.0 %
Q1 2010	33.82	(34.9 %)	12.87	(35.5 %)	6.48	(58.7 %)
Q2 2010	35.70	(9.2 %)	17.50	(6.8 %)	10.93	9.3 %
Q3 2010	84.42	5.7 %	36.70	8.2 %	23.98	23.5 %
Q4 2010	92.95	(1.9 %)	35.53	13.4 %	25.68	24.0 %
2010	246.88	(7.1 %)	102.59	(1.3 %)	67.06	1.9 %
Q1 2011	15.44	(54.3 %)	7.27	(43.5 %)	2.76	(57.4 %)
Q2 2011	50.37	41.1 %	23.51	34.4 %	15.52	42.1 %
Q3 2011	100.53	19.1 %	45.22	23.2 %	30.40	26.8 %
Q4 2011	126.15	35.7 %	50.38	41.8 %	35.22	37.2 %
2011	292.48	18.5 %	126.38	23.2 %	83.90	25.1 %
Q1 2012	36.23	134.7 %	10.30	41.8 %	3.00	8.7 %
Q2 2012	55.63	10.4 %	27.24	15.9 %	18.91	21.8 %
Q3 2012	135.97	35.3 %	57.59	27.3 %	40.33	32.6 %
Q4 2012	116.71	(7.5 %)	54.71	8.6 %	39.21	11.3 %
2012	344.54	17.8 %	149.83	18.6 %	101.44	20.9 %
Q1 2013	38.00	4.9 %	14.30	38.8 %	3.97	32.4 %
Q2 2013	71.34	28.2 %	33.41	22.7 %	22.85	20.9 %
Q3 2013	121.19	(10.9 %)	50.51	(12.3 %)	35.85	(11.1 %)
Q4 2013	110.47	(5.3 %)	54.31	(0.7 %)	32.97	(15.9 %)
2013	340.99	(1.0 %)	152.54	1.8 %	95.65	(5.7 %)
Q1 2014	46.84	23.2 %	15.94	11.5 %	5.49	38.3 %
Q2 2014	69.11	(3.1 %)	33.15	(0.8 %)	23.21	1.6 %
Q3 2014	124.13	2.4 %	51.25	1.5 %	38.16	6.4 %
Q4 2014	110.23	(0.2 %)	51.53	(5.1 %)	37.13	12.6 %
2014	350.31	2.7 %	151.86	(0.4 %)	103.96	8.7 %
Q1 2015	53.18	13.5 %	18.28	14.7 %	8.23	50.0 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2005	144.95	8.1 %	50.24	8.2 %	19.58	(5.1 %)
2006	174.14	20.1 %	85.35	69.9 %	55.19	181.9 %
2007	189.08	8.6 %	94.46	10.7 %	62.58	13.4 %
2008	212.77	12.5 %	99.59	5.4 %	58.75	(6.1 %)
2009	265.89	25.0 %	103.96	4.4 %	65.82	12.0 %
2010	246.88	(7.1 %)	102.59	(1.3 %)	67.06	1.9 %
2011	292.48	18.5 %	126.38	23.2 %	83.90	25.1 %
2012	344.54	17.8 %	149.83	18.6 %	101.44	20.9 %
2013	340.99	(1.0 %)	152.54	1.8 %	95.65	(5.7 %)
2014	350.31	2.7 %	151.86	(0.4 %)	103.96	8.7 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2006	9.70	1715.7 %	0.32	9.39	0.31	0.01
Q2 2006	1.61	(85.2 %)	0.05	(1.86)	3.47	0.12
Q3 2006	7.04	93.1 %	0.23	1.48	5.56	0.19
Q4 2006	21.53	890.0 %	0.72	(6.31)	41.50	1.38
2006	39.88	222.3 %	1.33	2.70	37.18	1.24
Q1 2007	6.08	(37.3 %)	0.20	-	6.08	0.20
Q2 2007	4.26	164.6 %	0.14	-	4.26	0.14
Q3 2007	12.94	83.7 %	0.43	-	12.94	0.43
Q4 2007	26.37	22.5 %	0.88	-	26.37	0.88
2007	49.66	24.5 %	1.66	-	49.66	1.66
Q1 2008	7.70	26.5 %	0.26	-	7.70	0.26
Q2 2008	12.42	191.3 %	0.41	-	12.42	0.41
Q3 2008	13.60	5.1 %	0.45	-	13.60	0.45
Q4 2008	20.71	(21.5 %)	0.69	-	20.71	0.69
2008	54.42	9.6 %	1.81	-	54.42	1.81
Q1 2009	13.80	79.4 %	0.46	-	13.80	0.46
Q2 2009	11.40	(8.2 %)	0.38	-	11.40	0.38
Q3 2009	16.84	23.8 %	0.56	-	16.84	0.56
Q4 2009	20.91	1.0 %	0.70	(0.50)	21.41	0.71
2009	62.95	15.7 %	2.10	(0.50)	63.45	2.12
Q1 2010	7.15	(48.2 %)	0.24	-	7.15	0.24
Q2 2010	12.00	5.2 %	0.40	-	12.00	0.40
Q3 2010	23.58	40.1 %	0.79	(1.75)	25.33	0.84
Q4 2010	23.53	12.5 %	0.78	(2.06)	25.59	0.85
2010	66.26	5.3 %	2.21	(3.81)	70.07	2.34
Q1 2011	6.05	(15.4 %)	0.20	-	6.05	0.20
Q2 2011	15.13	26.1 %	0.50	-	15.13	0.50
Q3 2011	29.31	24.3 %	0.98	-	29.31	0.98
Q4 2011	34.13	45.1 %	1.14	-	34.13	1.14
2011	84.62	27.7 %	2.82	-	84.62	2.82
Q1 2012	7.09	17.3 %	0.24	-	7.09	0.24
Q2 2012	20.24	33.8 %	0.67	(2.17)	22.40	0.75
Q3 2012	34.81	18.8 %	1.16	(2.81)	37.62	1.25
Q4 2012	39.54	15.8 %	1.32	5.21	34.33	1.14
2012	101.68	20.2 %	3.39	0.24	101.44	3.38
Q1 2013	8.13	14.6 %	0.27	-	8.13	0.27
Q2 2013	23.07	14.0 %	0.77	-	23.07	0.77
Q3 2013	34.36	(1.3 %)	1.15	-	34.36	1.15
Q4 2013	36.51	(7.7 %)	1.22	7.73	28.78	0.96
2013	102.07	0.4 %	3.40	7.73	94.34	3.14
Q1 2014	5.19	(36.1 %)	0.17	-	5.19	0.17
Q2 2014	27.75	20.3 %	0.93	-	27.75	0.93
Q3 2014	37.15	8.1 %	1.24	-	37.15	1.24
Q4 2014	37.03	1.4 %	1.23	-	37.03	1.23
2014	107.01	4.8 %	3.57	-	107.01	3.57
Q1 2015	8.62	66.1 %	0.29	-	8.62	0.29

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2005	12.37	18.4 %	0.41	-	12.37	0.41
2006	39.88	222.3 %	1.33	2.70	37.18	1.24
2007	49.66	24.5 %	1.66	-	49.66	1.66
2008	54.42	9.6 %	1.81	-	54.42	1.81
2009	62.95	15.7 %	2.10	(0.50)	63.45	2.12
2010	66.26	5.3 %	2.21	(3.81)	70.07	2.34
2011	84.62	27.7 %	2.82	-	84.62	2.82
2012	101.68	20.2 %	3.39	0.24	101.44	3.38
2013	102.07	0.4 %	3.40	7.73	94.34	3.14
2014	107.01	4.8 %	3.57	-	107.01	3.57

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	35.21 %	29.68 %	8.54 %
Q2 2006	39.40 %	34.16 %	4.39 %
Q3 2006	43.42 %	38.71 %	6.43 %
Q4 2006	49.01 %	50.92 %	29.20 %
2006	49.01 %	50.92 %	21.35 %
Q1 2007	49.91 %	51.84 %	30.87 %
Q2 2007	50.64 %	52.35 %	31.28 %
Q3 2007	51.08 %	54.10 %	33.60 %
Q4 2007	49.96 %	51.49 %	26.26 %
2007	49.96 %	51.49 %	26.26 %
Q1 2008	50.00 %	52.42 %	26.49 %
Q2 2008	50.27 %	51.32 %	27.30 %
Q3 2008	49.34 %	47.88 %	25.65 %
Q4 2008	46.81 %	45.41 %	25.58 %
2008	46.81 %	45.41 %	25.58 %
Q1 2009	44.75 %	43.26 %	24.99 %
Q2 2009	43.58 %	42.68 %	24.82 %
Q3 2009	43.51 %	42.91 %	24.86 %
Q4 2009	39.10 %	37.95 %	23.86 %
2009	39.10 %	37.95 %	23.86 %
Q1 2010	39.11 %	36.14 %	22.93 %
Q2 2010	39.17 %	36.55 %	23.51 %
Q3 2010	39.57 %	37.58 %	26.50 %
Q4 2010	41.55 %	41.04 %	28.38 %
2010	41.55 %	41.04 %	28.38 %
Q1 2011	42.45 %	43.02 %	30.18 %
Q2 2011	42.36 %	42.63 %	29.65 %
Q3 2011	43.01 %	42.74 %	29.34 %
Q4 2011	43.21 %	41.35 %	28.93 %
2011	43.21 %	41.35 %	28.93 %
Q1 2012	41.31 %	38.57 %	27.34 %
Q2 2012	41.80 %	38.93 %	29.18 %
Q3 2012	41.11 %	37.90 %	28.60 %
Q4 2012	43.49 %	40.21 %	29.44 %
2012	43.49 %	40.21 %	29.44 %
Q1 2013	44.42 %	42.39 %	29.59 %
Q2 2013	44.20 %	43.07 %	28.49 %
Q3 2013	44.04 %	44.99 %	28.77 %
Q4 2013	44.73 %	45.52 %	27.67 %
2013	44.73 %	45.52 %	27.67 %
Q1 2014	44.07 %	44.73 %	26.13 %
Q2 2014	44.28 %	45.76 %	27.64 %
Q3 2014	44.12 %	46.76 %	28.21 %
Q4 2014	43.35 %	48.71 %	30.58 %
2014	43.35 %	48.70 %	30.55 %
Q1 2015	43.24 %	48.65 %	31.00 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	34.66 %	28.33 %	8.53 %
2006	49.01 %	50.92 %	21.35 %
2007	49.96 %	51.49 %	26.26 %
2008	46.81 %	45.41 %	25.58 %
2009	39.10 %	37.95 %	23.86 %
2010	41.55 %	41.04 %	28.38 %
2011	43.21 %	41.35 %	28.93 %
2012	43.49 %	40.21 %	29.44 %
2013	44.73 %	45.52 %	27.67 %
2014	43.35 %	48.70 %	30.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	29.81 %	88.27 %	3.52 %
Q2 2006	49.05 %	62.47 %	19.83 %
Q3 2006	40.87 %	32.76 %	13.46 %
Q4 2006	53.73 %	53.01 %	38.94 %
Q1 2007	48.91 %	78.30 %	33.72 %
Q2 2007	56.64 %	67.68 %	24.19 %
Q3 2007	44.32 %	43.05 %	25.57 %
Q4 2007	51.77 %	48.17 %	25.65 %
Q1 2008	49.52 %	80.95 %	34.21 %
Q2 2008	54.21 %	53.14 %	29.72 %
Q3 2008	42.54 %	33.09 %	20.24 %
Q4 2008	45.77 %	41.78 %	25.47 %
Q1 2009	38.38 %	50.76 %	26.55 %
Q2 2009	47.72 %	50.22 %	28.99 %
Q3 2009	42.48 %	35.34 %	21.09 %
Q4 2009	33.07 %	28.03 %	22.60 %
Q1 2010	38.04 %	44.39 %	21.15 %
Q2 2010	49.01 %	54.43 %	33.60 %
Q3 2010	43.47 %	38.44 %	30.01 %
Q4 2010	38.22 %	37.05 %	27.53 %
Q1 2011	47.06 %	77.69 %	39.17 %
Q2 2011	46.67 %	49.23 %	30.03 %
Q3 2011	44.99 %	39.40 %	29.15 %
Q4 2011	39.94 %	35.32 %	27.06 %
Q1 2012	28.43 %	32.73 %	19.58 %
Q2 2012	48.96 %	50.30 %	40.27 %
Q3 2012	42.35 %	36.59 %	27.67 %
Q4 2012	46.87 %	41.93 %	29.41 %
Q1 2013	37.63 %	52.99 %	21.39 %
Q2 2013	46.84 %	52.00 %	32.34 %
Q3 2013	41.68 %	41.29 %	28.35 %
Q4 2013	49.17 %	43.40 %	26.05 %
Q1 2014	34.04 %	45.66 %	11.09 %
Q2 2014	47.96 %	57.43 %	40.16 %
Q3 2014	41.28 %	44.23 %	29.93 %
Q4 2014	46.75 %	49.60 %	33.59 %
Q1 2015	34.37 %	45.58 %	16.21 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	30.00	0.72	0.40	10.77
Q2 2006	30.00	0.41	0.16	10.80
Q3 2006	30.00	0.52	0.22	11.06
Q4 2006	30.00	1.33	1.69	12.68
Q1 2007	30.00	1.21	1.89	12.88
Q2 2007	30.00	1.30	1.91	13.03
Q3 2007	30.00	1.49	2.16	13.46
Q4 2007	30.00	1.66	1.66	14.34
Q1 2008	30.00	1.71	1.71	14.59
Q2 2008	30.00	1.98	1.98	14.60
Q3 2008	30.00	2.00	2.00	15.05
Q4 2008	30.00	1.81	1.81	15.74
Q1 2009	30.00	2.02	2.02	16.20
Q2 2009	30.00	1.98	1.98	16.58
Q3 2009	30.00	2.09	2.09	17.14
Q4 2009	30.00	2.10	2.12	17.82
Q1 2010	30.00	1.88	1.89	16.65
Q2 2010	30.00	1.90	1.91	17.05
Q3 2010	30.00	2.12	2.20	17.83
Q4 2010	30.00	2.21	2.34	18.60
Q1 2011	30.00	2.17	2.30	17.37
Q2 2011	30.00	2.28	2.40	17.87
Q3 2011	30.00	2.47	2.54	18.85
Q4 2011	30.00	2.82	2.82	19.99
Q1 2012	30.00	2.86	2.86	20.22
Q2 2012	30.00	3.03	3.10	19.17
Q3 2012	30.00	3.21	3.37	20.33
Q4 2012	30.00	3.39	3.38	21.65
Q1 2013	30.00	3.42	3.42	20.19
Q2 2013	30.00	3.52	3.44	20.96
Q3 2013	30.00	3.50	3.33	22.11
Q4 2013	30.00	3.40	3.14	23.32
Q1 2014	30.00	3.30	3.05	22.66
Q2 2014	30.00	3.46	3.20	23.53
Q3 2014	30.00	3.55	3.30	24.77
Q4 2014	30.00	3.57	3.57	24.37
Q1 2015	30.00	3.69	3.69	25.28

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	30.00	0.41	0.41	10.59
2006	30.00	1.33	1.24	12.68
2007	30.00	1.66	1.66	14.34
2008	30.00	1.81	1.81	15.74
2009	30.00	2.10	2.12	17.82
2010	30.00	2.21	2.34	18.60
2011	30.00	2.82	2.82	19.99
2012	30.00	3.39	3.38	21.65
2013	30.00	3.40	3.14	23.32
2014	30.00	3.57	3.57	24.37

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	43.84	77.74	2.92
Q2 2006	More than 100	More than 100	4.38
Q3 2006	More than 100	More than 100	5.53
Q4 2006	17.55	13.76	1.84
Q1 2007	23.16	14.83	2.17
Q2 2007	17.48	11.85	1.74
Q3 2007	18.07	12.50	2.01
Q4 2007	17.32	17.32	2.00
Q1 2008	12.97	12.97	1.52
Q2 2008	11.27	11.27	1.53
Q3 2008	7.92	7.92	1.05
Q4 2008	7.66	7.66	0.88
Q1 2009	7.27	7.27	0.91
Q2 2009	9.48	9.48	1.13
Q3 2009	9.66	9.66	1.18
Q4 2009	11.47	11.38	1.35
Q1 2010	12.19	12.08	1.37
Q2 2010	10.02	9.93	1.11
Q3 2010	9.62	9.29	1.14
Q4 2010	11.56	10.93	1.37
Q1 2011	10.17	9.60	1.27
Q2 2011	9.67	9.15	1.23
Q3 2011	9.76	9.50	1.28
Q4 2011	10.84	10.84	1.53
Q1 2012	12.52	12.52	1.77
Q2 2012	10.30	10.06	1.63
Q3 2012	11.19	10.64	1.77
Q4 2012	10.70	10.72	1.67
Q1 2013	10.08	10.10	1.71
Q2 2013	11.25	11.51	1.89
Q3 2013	12.96	13.64	2.05
Q4 2013	12.22	13.22	1.78
Q1 2014	12.98	14.08	1.89
Q2 2014	13.58	14.67	2.00
Q3 2014	15.08	16.26	2.16
Q4 2014	11.43	11.43	1.68
Q1 2015	11.37	11.37	1.66

Period	P/E	Adjusted P/E	Price/book
2005	More than 100	More than 100	5.01
2006	17.55	18.83	1.84
2007	17.32	17.32	2.00
2008	7.66	7.66	0.88
2009	11.47	11.38	1.35
2010	11.56	10.93	1.37
2011	10.84	10.84	1.53
2012	10.70	10.72	1.67
2013	12.22	13.22	1.78
2014	11.44	11.44	1.68

Analysts Estimates (Million)

Item	Q1 2015 (e)	Q1 2015 (a)	Change‬
Average	5.52	8.62	56.20 %

Estimates vs Actual (Million)

Item	Q1 2015 (e)	Q1 2015 (a)	Change
AlJazira Capital	5.52	8.62	56.2 %

Financial Ratios

	Current
Market Cap (M Riyal)	1,851.00
Enterprise Value (EV) (M)	2,091.77
Shares Outstanding ((M))	30.00
EPS ( Riyal) (TTM)	2.79
Book Value (BV) ( Riyal)	24.94
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	24.81
P/E (TTM)	22.14
Price/book	2.47
Return on Average Assets (%) (TTM)	7.3
Return on Average Equity (%) (TTM)	11.6

Al-Jouf Agricultural Development Co. (ALJOUF)

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Al-Jouf Agricultural posts SAR 8.6 mln (+65%) net profit in Q1-2015

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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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al-Jouf Agricultural Development Co. (ALJOUF)

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Al-Jouf Agricultural posts SAR 8.6 mln (+65%) net profit in Q1-2015

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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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al-Jouf Agricultural Development Co. (ALJOUF)

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