Financial Results : JADCO’s H1 profit drops 13% to SAR 29 mln

JADCO’s H1 profit drops 13% to SAR 29 mln

15/07/2015 Argaam Exclusive

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Al Jouf Agricultural Development Co., a producer of food and olive oil products, said its H1-2015 net profit fell 13 percent year-on-year to SAR 28.8 million on lower revenues and higher general and administrative expenses.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 115.95 127.44 9.9 %
Gross Income 49.09 49.98 1.8 %
Operating Income 28.70 28.74 0.1 %
Net Income 32.95 28.78 (12.6 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 1.10 0.96 (12.6 %)

 

The company’s second-quarter net profit fell 27 percent to SAR 20.2 million, when compared to the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 69.11 74.26 7.4 %
Gross Income 33.15 31.70 (4.4 %)
Operating Income 23.21 20.51 (11.6 %)
Net Income 27.75 20.16 (27.4 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.93 0.67 (27.4 %)


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 %
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 %)
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 %)
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 %)
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 %
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 %
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 %
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 %)
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 %
Q1 2015 53.18 13.5 % 18.28 14.7 % 8.23 50.0 %
Q2 2015 74.26 7.4 % 31.70 (4.4 %) 20.51 (11.6 %)


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
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
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
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
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
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
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
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
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
Q1 2015 8.62 66.1 % 0.29 - 8.62 0.29
Q2 2015 20.16 (27.4 %) 0.67 - 20.16 0.67

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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2015 43.24 % 48.65 % 31.00 %
Q2 2015 42.22 % 47.30 % 28.46 %


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
Q2 2015 30.00 3.43 3.43 25.90

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
Q2 2015 13.45 13.45 1.78

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (a) Change‬
Average 29.20 20.16 (31.0 %)

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (a) Change
AlJazira Capital 28.90 20.16 (30.2) %
Alistithmar Capital 29.50 20.16 (31.7) %


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
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Share Price

Al-Jouf Agricultural Development Co.
61.70
(0.20) (0.32 %)

Al-Jouf Agricultural Development Co. (ALJOUF)

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